<SEC-DOCUMENT>0001140361-21-035664.txt : 20211027
<SEC-HEADER>0001140361-21-035664.hdr.sgml : 20211027
<ACCEPTANCE-DATETIME>20211027170544
ACCESSION NUMBER:		0001140361-21-035664
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20211021
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211027
DATE AS OF CHANGE:		20211027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aris Water Solutions, Inc.
		CENTRAL INDEX KEY:			0001865187
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40955
		FILM NUMBER:		211353858

	BUSINESS ADDRESS:	
		STREET 1:		9811 KATY FREEWAY
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		(281) 501-3070

	MAIL ADDRESS:	
		STREET 1:		9811 KATY FREEWAY
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Solaris Water, Inc.
		DATE OF NAME CHANGE:	20210601
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nt10025419x24_8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">FORM 8-K&#160;</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Pursuant to Section 13 or 15(d)</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Date of Report (Date of Earliest Event Reported): October 21, 2021</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;">Aris Water Solutions, Inc.</div>
    <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as Specified in Charter)</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Delaware</div>
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          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">001-40955</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">87-1022110</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(State or other jurisdiction</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">of incorporation)</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Commission</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">File Number)</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(IRS Employer</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Identification No.)</div>
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          <td colspan="2" style="vertical-align: middle;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">9811 Katy Freeway, Suite 700</div>
            <div style="text-align: center; font-weight: bold;">Houston, Texas</div>
          </td>
          <td rowspan="1" style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">77024</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Address of Principle Executive Offices)</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Zip Code)</div>
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    <div style="text-align: center; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (281) 501-3070&#160;</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">Not Applicable</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Former Name or Former Address, if Changed Since Last Report)</div>
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    <div>&#160;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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        <div>Securities registered pursuant to Section 12(b) of the Act:</div>
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                <div>Title of each class</div>
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                <div style="text-align: center;">Trading symbol(s)</div>
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                <div style="text-align: center;">Name of each exchange on which registered</div>
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                <div>Class A common stock, par value $0.01 per share</div>
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              <td style="width: 34%; vertical-align: top;">
                <div style="text-align: center;">ARIS</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td style="width: 32%; vertical-align: top;">
                <div style="text-align: center;">The New York Stock Exchange</div>
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      <div> <br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div style="text-align: center; margin-left: 36pt;"> <br>
      </div>
      <div style="text-align: right; margin-left: 36pt; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Emerging growth company&#160;&#160;&#160; &#9746;</div>
      <div style="text-align: center; margin-left: 36pt;"> <br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
        Act.&#160;&#160;&#160; &#9744;
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            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 1.01.</div>
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          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Entry into a Material Definitive Agreement.</div>
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    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, Aris Water Solutions, Inc. (the &#8220;Company&#8221;) completed its initial public offering (the &#8220;Offering&#8221;) of 20,297,500 shares (the &#8220;Shares&#8221;) of the Company&#8217;s Class A common stock, par value $0.01 per share
      (&#8220;Class A Common Stock&#8221;), which includes 2,647,500 shares of Class A Common Stock issued and sold pursuant to the Underwriters&#8217; (as defined below) exercise of their option in full to purchase additional shares of Class A Common Stock, at a price to
      the public of $13.00 per share ($12.22 net of underwriting discounts and commissions), pursuant to the Company&#8217;s Registration Statement on Form S-1 (File No. 333-259740) (as amended, the &#8220;Registration Statement&#8221;). The material terms of the Offering
      are described in the prospectus, dated October 21, 2021 (the &#8220;Prospectus&#8221;), filed by the Company with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on October 25, 2021.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Underwriting Agreement</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 21, 2021, the Company entered into an Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;) with Goldman Sachs &amp; Co. LLC and Citigroup Global Markets Inc., as representatives of the several underwriters
      named therein (the &#8220;Underwriters&#8221;), relating to the offer and sale of the Shares.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The Underwriting Agreement contains customary representations and warranties, agreements and obligations, closing conditions and termination provisions. The Company has agreed to indemnify the Underwriters against
      certain liabilities, including liabilities under the Securities Act, and to contribute to payments the Underwriters may be required to make because of any of those liabilities.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The Offering closed on October 26, 2021, and the Company received proceeds from the Offering of approximately $246.1 million (net of underwriting discounts, commissions and estimated offering expenses payable by the
      Company). As described in the Prospectus, the Company contributed all of the net proceeds of this offering to Solaris Midstream Holdings, LLC (&#8220;Solaris LLC&#8221;) in exchange for a single class of units in Solaris LLC (&#8220;Solaris LLC Units&#8221;) and shares of
      the Company&#8217;s Class B common stock (the &#8220;Class B Common Stock&#8221;). Solaris LLC will distribute approximately $213.3 million of the net proceeds to the existing owners of Solaris LLC and retain the remaining $32.8 million of the net proceeds for general
      corporate purposes, which may include capital expenditures, working capital and potential acquisitions and strategic transactions.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is attached as Exhibit 1.1 to this Current Report on Form 8-K and incorporated in this Item 1.01
      by reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Fourth Amended and Restated Limited Liability Company Agreement of Solaris Midstream Holdings, LLC</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, in connection with the Offering, Solaris LLC amended and restated its existing limited liability company agreement (the &#8220;Solaris LLC Agreement&#8221; and as amended and restated, the &#8220;A&amp;R Solaris LLC
      Agreement&#8221;). The amendments to the Solaris LLC Agreement, among other things, (i) will convert all of the membership interests in Solaris LLC into (a) a single class of units in Solaris LLC representing in the aggregate 33,202,500 Solaris LLC Units
      and (b) the right to receive the distributions of proceeds described above and an aggregate of 33,202,500 shares of Class B Common Stock and (ii) admitted the Company as the sole managing member of Solaris LLC. In accordance with the terms of the
      A&amp;R Solaris LLC Agreement, the holders of Solaris LLC Units will generally have the right to exchange their Solaris LLC Units (and a corresponding number of shares of the Class B Common Stock), for an aggregate of 33,202,500 shares of the Class A
      Common Stock at an exchange ratio of one share of Class A Common Stock for each Solaris LLC Unit (and corresponding share of Class B Common Stock) exchanged, subject to conversion rate adjustments for stock splits, stock dividends and
      reclassifications.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description of the A&amp;R Solaris LLC Agreement is not complete and is qualified in its entirety by reference to the full text of the A&amp;R Solaris LLC Agreement, which is filed as Exhibit 10.1 to this
      Current Report on Form 8-K and is incorporated in this Item 1.01 by reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Indemnification Agreements</div>
    <div style="font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 21, 2021, in connection with the Offering, the Company entered into Indemnification Agreements (&#8220;Indemnification Agreements&#8221;) with each of the officers and directors of the Company. These Indemnification
      Agreements require the Company to indemnify these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to the Company, and to advance expenses incurred as a result of any
      proceeding against them as to which they could be indemnified.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description of the Indemnification Agreements is not complete and is qualified in its entirety by reference to the full text of the Indemnification Agreements, which are attached as Exhibits 10.2, 10.3,
      10.4, 10.5, 10.6, 10.7, 10.8, 10.9, 10.10 and 10.11 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.<br>
    </div>
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    <div style="font-style: italic; font-weight: bold;">Registration Rights Agreement</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, in connection with the closing of the Offering, the Company entered into a Registration Rights Agreement (the &#8220;Registration Rights Agreement&#8221;) with certain shareholders identified on the signature
      pages thereto as the Holders (the &#8220;Holders&#8221;).</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">Pursuant to the Registration Rights Agreement, the Company is required to submit a draft shelf registration statement on Form S-1 within five business days after the filing deadline of the Company&#8217;s first Annual Report
      on Form 10-K. The Company will be obligated to convert the Form S-1 to a Form S-3 as soon as reasonably practical after the Company is eligible to use Form S-3.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">At any time, subject to the limitations set forth therein, the Holders have the right to require the Company by written notice to prepare and file a registration statement registering the offer and sale of a number of
      their shares of Class A Common Stock. Promptly in advance of the filing of any such registration statement, the Company is required to provide notice of the request to all other Holders, who may participate in the registration. The Company is
      required to use all commercially reasonable efforts to maintain the effectiveness of any such registration statement until all securities covered by such registration statement have been sold. Subject to certain exceptions, the Company is not
      obligated to effect more than three demand registrations in any 12 month period (not including underwritten offerings). The Company is also not obligated to effect any registration where such registration has been requested by the holders of
      Registrable Securities (as defined in the Registration Rights Agreement) which represent less than $20 million, based on the five-day volume weighted average trading price of the Class A Common Stock on the New York Stock Exchange.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">In addition, pursuant to the Registration Rights Agreement, the Holders have the right to require the Company, subject to certain limitations set forth therein, to effect a distribution of any or all of their shares of
      Class A Common Stock by means of an underwritten offering. Further, subject to certain exceptions, if at any time the Company proposes to register an offering of Class A Common Stock or conduct an underwritten offering, whether or not for its
      account, then the Company must notify the Holders of such proposal reasonably in advance of the commencement of the underwritten offering to allow them to include a specified number of their shares in that registration statement or underwritten
      offering, as applicable.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">These registration rights are subject to certain conditions and limitations, including the right of the underwriters to limit the number of shares to be included in a registration or offering and the Company&#8217;s right to
      delay or withdraw a registration statement under certain circumstances. The Company will generally pay all registration expenses in connection with its obligations under the Registration Rights Agreement, regardless of whether a registration
      statement is filed or becomes effective.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description of the Registration Rights Agreement is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is attached as Exhibit 10.12 to this Current Report on
      Form 8-K and incorporated in this Item 1.01 by reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Director Nomination Agreement</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, in connection with the Offering, the Company entered into a director nomination agreement (the &#8220;Director Nomination Agreement&#8221;) with COG Operating LLC, an affiliate of ConocoPhillips (&#8220;COG
      Operating&#8221;), and Yorktown Energy Partners XI, L.P. (&#8220;Yorktown&#8221;) that provides, among other things, COG Operating and Yorktown with the right, but not the obligation, to nominate directors for election to the Board of Directors of the Company (the
      &#8220;Board&#8221;) as follows: (i) COG Operating will have the right to nominate one nominee for election to the Board for so long as COG Operating and its affiliates beneficially own at least 12.5% of the voting power of the common stock of the Company; and
      (ii) Yorktown will have the right to nominate one nominee for election to the Board for so long as Yorktown and its affiliates beneficially own at least 12.5% of the voting power of the common stock of the Company. In addition, each of COG Operating
      and Yorktown will be entitled to designate the successor for its respective Board designee whose service terminates prior to the end of such director&#8217;s term. The rights of each of COG Operating and Yorktown will terminate on the date when such holder
      ceases to beneficially own at least 12.5% of the voting power of the common stock of the Company (or earlier upon written notice by such holder agreeing to terminate its rights under the agreement).</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Director Nomination Agreement, which is attached as Exhibit 10.12 to this Current Report on Form 8-K and
      incorporated in this Item 1.01 by reference.<br>
      <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Tax Receivable Agreement</div>
    <div style="font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, in connection with the Offering, the Company entered into a Tax Receivable Agreement (the &#8220;TRA&#8221;) with the members of Solaris LLC (the &#8220;TRA Holders&#8221;). This agreement generally provides that the
      Company will make a Tax Benefit Payment (as defined in the TRA) to each TRA Holder in respect of such TRA Holder for such Taxable Year (as defined in the TRA). The Company may terminate the TRA at any time by paying each TRA Holder the Early
      Termination Payment (as defined in the TRA). In addition, payments due under the TRA will be similarly accelerated following certain mergers or other changes of control.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description is not complete and is qualified in its entirety by reference to the full text of the TRA, which is attached as Exhibit 10.13 to this Current Report on Form 8-K and incorporated in this Item
      1.01 by reference.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7e43c17c0d0b4066be4ab3d8973a3b41" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 3.02.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Unregistered Sales of Equity Securities.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021 in connection with the closing of the Offering, the Company issued 33,202,500 shares of its Class B Common Stock in connection with the consummation of the transactions contemplated by the A&amp;R
      Solaris LLC Agreement. The foregoing transaction will be undertaken in reliance upon the exemption from the registration requirements of the Securities Act by Section 4(a)(2) thereof. The information set forth under Item 1.01 under &#8220;Fourth Amended
      and Restated Limited Liability Company Agreement of Solaris Midstream Holdings, LLC&#8221; is incorporated herein by reference.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z790902d6569548c49ec2525b6ff01b24" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 3.03.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Material Modification to Rights of Security Holders.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The information provided in Item 1.01 above under the heading &#8220;Registration Rights Agreement&#8221; and in Item 5.03 hereto is incorporated into this Item 3.03.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7d5a099067c34c40a0b657c6e0eef58f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 5.02.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
          </td>
        </tr>

    </table>
    <div style="font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Appointment of Directors</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">Effective October 21, 2021, the Board appointed Joseph Colonnetta, Debra Coy, W. Howard Keenan, Jr., Andrew O&#8217;Brien, Donald C. Templin and M. Max Yzaguirre as members of the Board.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">In connection with their respective appointments, Ms. Coy and Messrs. Colonnetta, Keenan, O&#8217;Brien, Templin and Yzaguirre entered into Indemnification Agreements with the Company, which are attached as Exhibits 10.6
      through 10.11 to this Current Report on Form 8-K. A description of the Indemnification Agreements is contained above.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">Other than as described in Item 1.01 above under the heading &#8220;Director Nomination Agreement,&#8221; there are no arrangements or understandings between Ms. Coy, Messrs. Colonnetta, Keenan, O&#8217;Brien, Templin and Yzaguirre and
      any other person pursuant to which they were selected as directors. Ms. Coy and Messrs. Colonnetta, Keenan, O&#8217;Brien, Templin and Yzaguirre have no family relationship with any director or executive officer of the Company or any person nominated or
      chosen by the Company to become a director or executive officer. There are no transactions in which Ms. Coy and Messrs. Colonnetta, Keenan, O&#8217;Brien, Templin and Yzaguirre have an interest requiring disclosure under Item 404(a) of Regulation S-K.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">Ms. Coy and Messrs. Colonnetta and Keenan will serve on the Board&#8217;s Nominating and Corporate Governance Committee, Messrs. Yzaguirre, Colonnetta and Templin will serve on the Board&#8217;s Compensation Committee and Ms. Coy
      and Messrs. Templin and Yzaguirre will serve on the Board&#8217;s Audit Committee.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The information provided in Item 1.01 above under the heading &#8220;Director Nomination Agreement&#8221; is incorporated into this Item 5.02.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Equity Incentive Plan</div>
    <div style="font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 12, 2021, in connection with the Offering, the Company adopted the Aris Water Solutions, Inc. 2021 Equity Incentive Plan (the &#8220;Equity Incentive Plan&#8221;). A description of the Equity Incentive Plan is contained
      in the section of the Prospectus entitled &#8220;2021 Equity Incentive Plan&#8221; and is incorporated herein by reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description and the description contained in the Prospectus are qualified in their entirety by reference to the full text of the Equity Incentive Plan, which is attached as Exhibit 10.14 to this Current
      Report on Form 8-K and is incorporated in this Item 5.02 by reference.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2c3cd3fe32074c26a0fd06a5e16466dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 5.03.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.</div>
          </td>
        </tr>

    </table>
    <div style="font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Amended and Restated Certificate of Incorporation</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, in connection with the Closing of the Offering, the Company amended and restated its Certificate of Incorporation (as amended and restated, the &#8220;Certificate of Incorporation&#8221;), which was originally
      filed with the Secretary of State of the State of Delaware on May 26, 2021. A description of the Certificate of Incorporation is contained in the section of the Prospectus entitled &#8220;Description of Capital Stock&#8221; and is incorporated herein by
      reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description and the description contained in the Prospectus are qualified in their entirety by reference to the full text of the Certificate of Incorporation, which is attached as Exhibit 3.1 to this
      Current Report on Form 8-K and is incorporated in this Item 5.03 by reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Amended and Restated Bylaws</div>
    <div style="font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 36pt;">On October 26, 2021, in connection with the closing of the Offering, the Company amended and restated its Bylaws (as amended and restated, the &#8220;Bylaws&#8221;). A description of the Bylaws is contained in the section of the
      Prospectus entitled &#8220;Description of Capital Stock&#8221; and is incorporated herein by reference.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">The foregoing description and the description contained in the Prospectus are qualified in their entirety by reference to the full text of the Bylaws, which is attached as Exhibit 3.2 to this Current Report on Form 8-K
      and is incorporated in this Item 5.03 by reference.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcc0b0e79a64c45c487fba723d748fbda" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 9.01.</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Financial Statements and Exhibits.</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z64322999f2c44ddbad93d25806fd11b1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 3.68%; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 3.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">(d)</div>
          </td>
          <td style="width: 92.61%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Exhibits.</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb3f5d79547b94fbbb68739b4ad2162e8" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit</div>
            <div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Description</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex1-1.htm">1.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Underwriting Agreement, dated as of October 21, 2021, by and among Aris Water Solutions, Inc. and Goldman Sachs &amp; Co. LLC and Citigroup Global Markets Inc., as representatives of the
              several underwriters named therein.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1865187/000114036121035451/nt10025419x23_ex4-1.htm">3.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Amended and Restated Certificate of Incorporation of Aris Water Solutions, Inc. (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form S-8 filed on
              October 26, 2021, File No. 333-260499).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1865187/000114036121035451/nt10025419x23_ex4-2.htm">3.2</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Amended and Restated Bylaws of Aris Water Solutions, Inc. (incorporated by reference to Exhibit 4.2 to the Company&#8217;s Registration Statement on Form S-8 filed on October 26, 2021, File No.
              333-260499).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex4-1.htm">4.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Registration Rights Agreement, dated October 26, 2021, by and among Aris Water Solutions, Inc., Solaris Midstream Holdings, LLC and the other parties thereto.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-1.htm">10.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Fourth Amended and Restated Limited Liability Company Agreement of Solaris Midstream Holdings, LLC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-2.htm">10.2</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (William A. Zartler).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-3.htm">10.3</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Amanda M. Brock).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-4.htm">10.4</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Brenda R. Schroer).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-5.htm">10.5</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Dustin A. Hatley).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-6.htm">10.6</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Joseph Colonnetta).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-7.htm">10.7</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Debra Coy).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-8.htm">10.8</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (W. Howard Keenan, Jr.).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-9.htm">10.9</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Andrew O&#8217;Brien).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-10.htm">10.10</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (Donald C. Templin).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-11.htm">10.11</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Indemnification Agreement (M. Max Yzaguirre).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-12.htm">10.12</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Director Nomination Agreement, dated October 26, 2021, by and among Aris Water Solutions, Inc., COG Operating LLC and Yorktown Energy Partners XI, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10025419x24_ex10-13.htm">10.13</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Tax Receivable Agreement, dated October 26, 2021, by and among Aris Water Solutions, Inc. and the other parties thereto.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1865187/000114036121035451/nt10025419x23_ex99-1.htm">10.14</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Aris Water Solutions, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company&#8217;s Registration Statement on Form S-8 filed on October 26, 2021, File No.
              333-260499).</div>
          </td>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">October 27, 2021</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARIS WATER SOLUTIONS, INC.</div>
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          <td rowspan="1" colspan="2" style="vertical-align: middle;">&#160;&#160;</td>
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          <td style="width: 5%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman',Times,serif;">By:</div>
          </td>
          <td rowspan="1" style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ Brenda R. Schroer</div>
            </div>
          </td>
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            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td rowspan="1" style="width: 45%; vertical-align: bottom;">
            <div>Brenda R. Schroer</div>
            <div style="font-style: italic;">Chief Financial Officer</div>
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    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>nt10025419x24_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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  <p style="margin: 0px; text-align: right; font-family: 'Times New Roman',Times,serif;"><b>Exhibit 1.1</b></p>
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  <p style="font: 18pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;"><font style="font-size: 18pt;"><b>Aris Water Solutions, Inc.</b></font></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;"><b>&#160;</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;"><font style="font-size: 14pt;"><b>Class A Common Stock</b></font></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;"><b>&#160;</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;"><b><u>Underwriting Agreement</u></b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: right;">October 21, 2021</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">Goldman Sachs &amp; Co. LLC</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">Citigroup Global Markets Inc.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 13.5pt; text-align: justify;">As representatives (the &#8220;Representatives&#8221;) of the several Underwriters</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 22.5pt; text-align: justify;">named in Schedule I hereto,</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">c/o Goldman Sachs &amp; Co. LLC</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">200 West Street</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">New York, New York 10282</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">c/o Citigroup Global Markets Inc.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">388 Greenwich Street<br>
    New York, New York 10013</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">Ladies and Gentlemen:</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">Aris Water Solutions, Inc., a Delaware corporation (the &#8220;Company&#8221;), proposes, subject to the terms and conditions stated in this agreement
    (this &#8220;Agreement&#8221;), to issue and sell to the Underwriters named in Schedule I hereto (the &#8220;Underwriters&#8221;) an aggregate of 17,650,000 shares of Class A common stock, par value $0.01 per share (&#8220;Stock&#8221;) of the Company, subject to the terms and conditions
    stated in this Agreement and, at the election of the Underwriters, up to 2,647,500 additional shares of Stock. The aggregate of 17,650,000 shares to be sold by the Company are herein called the &#8220;Firm Shares&#8221; and the aggregate of 2,647,500 additional
    shares to be sold by the Company are herein called the &#8220;Optional Shares.&#8221; The Firm Shares and the Optional Shares that the Underwriters elect to purchase pursuant to Section 2 hereof are herein collectively called the &#8220;Shares.&#8221;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">On the date hereof the business of the Company is conducted through Solaris Midstream Holdings, LLC, a Delaware limited liability company
    (&#8220;Solaris LLC&#8221;), and its subsidiaries. In connection with the offering contemplated by this Agreement, the Reorganization (as such term is defined in the Registration Statement and the Pricing Disclosure Package (each as defined below) in the section
    titled &#8220;Corporate Reorganization&#8221;) will be effected prior to the First Time of Delivery (as defined below), pursuant to which the Company will become the sole managing member of Solaris LLC. As the sole managing member of Solaris LLC, the Company will
    operate and control all of the business and affairs of Solaris LLC and, through Solaris LLC and its subsidiaries, conduct its business. Upon consummation of the offering contemplated by this Agreement, the Company will contribute the net proceeds of
    the Offering to Solaris LLC in exchange for units of memberships interest in Solaris LLC.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">Raymond James &amp; Associates, Inc. (the &#8220;Directed Share Underwriter&#8221;) has agreed to reserve up to 882,500 Shares to be purchased by it under
    this Agreement for sale at the direction of the Company to certain parties related to the Company. The Shares to be sold by the Directed Share Underwriter pursuant to the Directed Share Program are hereinafter called the &#8220;Directed Shares.&#8221; Any Directed
    Shares not confirmed for purchase by the deadline established therefor by the Directed Share Underwriter in consultation with the Company will be offered to the public by the Underwriters as set forth in the Prospectus.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company represents and warrants to, and agrees with, each of the Underwriters that:</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(a)<font style="font-size: 10pt;">&#160; </font> A registration statement on Form S&#8211;1 (File No.&#160;333-259740) (the &#8220;Initial Registration
    Statement&#8221;) in respect of the Shares has been filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;); the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to you, have been
    declared effective by the Commission in such form; other than a registration statement, if any, increasing the size of the offering (a &#8220;Rule 462(b) Registration Statement&#8221;), filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended
    (the &#8220;Act&#8221;), which became effective upon filing, no other document with respect to the Initial Registration Statement has been filed with the Commission; and no stop order suspending the effectiveness of the Initial Registration Statement, any
    post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section 8A of the Act has been initiated or, to the knowledge of the Company, threatened by the
    Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the Act is hereinafter called a &#8220;Preliminary Prospectus&#8221;;
    the various parts of the Initial Registration Statement and the Rule&#160;462(b) Registration Statement, if any, including all exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to
    Rule&#160;424(b) under the Act in accordance with Section 5(a) hereof and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement at the time it was declared effective, each as amended at the time such part of the
    Initial Registration Statement became effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the &#8220;Registration Statement&#8221;; the Preliminary Prospectus relating
    to the Shares that was included in the Registration Statement immediately prior to the Applicable Time (as defined in Section 1(c) hereof) is hereinafter called the &#8220;Pricing Prospectus&#8221;; such final prospectus, in the form first filed pursuant to Rule
    424(b) under the Act, is hereinafter called the &#8220;Prospectus&#8221;; any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act or Rule 163B under the Act is hereinafter called a &#8220;Testing-the-Waters
    Communication&#8221;; and any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act is hereinafter called a &#8220;Written Testing-the-Waters Communication&#8221;; and any &#8220;issuer free writing prospectus&#8221; as
    defined in Rule&#160;433 under the Act relating to the Shares is hereinafter called an &#8220;Issuer Free Writing Prospectus&#8221;);</p>
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    Issuer Free Writing Prospectus has been issued by the Commission, and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the applicable requirements of the Act and the rules and regulations of the
    Commission thereunder, and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
    provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(c) of this Agreement);</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(c)<font style="font-size: 10pt;">&#160; </font> For the purposes of this Agreement, the &#8220;Applicable Time&#8221; is 5:22 p.m. (Eastern time) on
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    (as defined in Section 4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
    not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus, and each Issuer Free
    Writing Prospectus and each Written Testing-the-Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not, and as of each Time of Delivery, will not, include any untrue statement
    of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not
    apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information;</p>
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    the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(e)<font style="font-size: 10pt;">&#160; </font> The Registration Statement conforms, and the Prospectus and any further amendments or
    supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder and do not and will not, as of the applicable effective date
    as to each part of the Registration Statement, as of the applicable filing date of the Prospectus and any amendment or supplement thereto, and as of each Time of Delivery, include an untrue statement of a material fact or omit to state a material fact
    required to be stated therein or necessary in order to make the statements therein not misleading (in the case of the Prospectus or any amendment or supplement thereto, in the light of the circumstances under which they were made); provided, however,
    that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(f)<font style="font-size: 10pt;">&#160;&#160; </font> The financial statements included in the Registration Statement, the Pricing Disclosure
    Package and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the Company and its subsidiaries as of the dates indicated and the results of their operations and the changes
    in their cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;) applied on a consistent basis throughout the periods covered thereby;
    the other financial information included in the Registration Statement, the Pricing Disclosure Package and the Prospectus has been derived from the accounting records of the Company and its subsidiaries and presents fairly in all material respects the
    information shown thereby; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Disclosure Package, there has not been (x) any change in the capital stock (other than as a result of (i) the
    exercise, if any, of stock options or the award, if any, of stock options or restricted stock in the ordinary course of business pursuant to the Company&#8217;s equity plans that are described in the Pricing Prospectus and the Prospectus or (ii) the
    issuance, if any, of stock upon conversion of Company securities as described in the Pricing Prospectus and the Prospectus) or long-term debt of the Company or any of its subsidiaries or (y) any material adverse effect on the business, properties,
    financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of its obligations under this Agreement (a &#8220;Material Adverse Effect&#8221;). Except as included therein, no
    historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Prospectus or the Prospectus under the Act or the rules and regulations promulgated thereunder. All disclosures
    contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and
    Item 10 of Regulation S-K of the Act, to the extent applicable;</p>
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    Pricing Disclosure Package, except in each case as otherwise disclosed in the Pricing Disclosure Package and the Prospectus, (A) there has not been any change in the capital stock, membership interests or other similar ownership interests, as
    applicable, or long-term debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock, membership interests or other ownership
    interests, as applicable, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, financial position, results of operations or prospects of the Company and its
    subsidiaries taken as a whole; (B) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or
    contingent, that is material to the Company and its subsidiaries taken as a whole; and (C) neither the Company nor any of its subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity,
    whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority;</p>
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    existing and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of
    their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good
    standing or have such power or authority would not, individually or in the aggregate, have a Material Adverse Effect. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries
    listed in Schedule IV to this Agreement;</p>
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    the Prospectus; after giving effect to the Reorganization and the issuance of the Firm Shares to be sold by the Company and the use of the net proceeds therefrom as described in the Registration Statement, the Pricing Disclosure Package and the
    Prospectus, the Company would have an authorized capitalization as set forth under the as-adjusted column of the capitalization table in the section entitled under the heading &#8220;Capitalization&#8221;; and after giving effect to the Reorganization, all the
    outstanding shares of capital stock of the Company will have been duly and validly authorized and issued and will be fully paid and non-assessable and conform to the description of the Stock contained in the Pricing Disclosure Package and the
    Prospectus; and all of the issued shares of capital stock, membership interests or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or
    indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party (collectively, &#8220;Liens&#8221;), except for (A) Liens pursuant to the Second Amended and
    Restated Credit Agreement, dated April 1, 2021, by and among the Company, Wells Fargo Bank, National Association, as administrative agent and lead arranger, and the lenders from time to time party thereto (as amended, the &#8220;Credit Facility&#8221;) and (B)
    Liens pursuant to the Third Amended and Restated Limited Liability Company Agreement of Solaris LLC, dated June 11, 2020;</p>
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    and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby has been or will be duly and
    validly taken on or prior to each Time of Delivery;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    insofar as they purport to constitute summaries of the terms of statutes, rules or regulations, legal or governmental proceedings or contracts and other documents or descriptions of the Stock, constitute accurate summaries of the terms of such
    statutes, rules and regulations, legal and governmental proceedings and contracts in all material respects. Subject to the qualifications and limitations set forth therein, the statements in the Pricing Disclosure Package and the Prospectus under the
    caption &#8220;Material U.S. Federal Income Tax Considerations for Non-U.S. Holders of Class A Common Stock,&#8221; insofar as such statements constitute a summary of the United States federal tax laws referred to therein, are accurate in all material respects;</p>
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    certificate of formation, by-laws, limited liability company agreement or similar organizational documents; (B)&#160;in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or
    observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its
    subsidiaries is bound or to which any property or asset of the Company or any of its subsidiaries is subject; or (C) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory
    authority, except, in the case of clauses (B) and (C) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect;</p>
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    and sale of the Shares to be sold by the Company and the compliance by the Company with this Agreement and the consummation of the transactions contemplated by this Agreement and the Pricing Disclosure Package will not (A) conflict with or result in a
    breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or
    asset of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its
    subsidiaries is bound or to which any property, right or asset of the Company or any of its subsidiaries is subject, (B) result in any violation of the provisions of the charter, certificate of formation, by-laws, limited liability company agreement or
    similar organizational documents of the Company or any of its subsidiaries or (C) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in
    the case of clauses (A) and (C) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect; and no consent, approval, authorization, order,
    registration or qualification of or with any such court or governmental agency or body is required for the issue of the Shares to be sold by the Company and the sale of the Shares or the consummation by the Company of the transactions contemplated by
    this Agreement, except such as have been obtained under the Act, the approval by the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) of the underwriting terms and arrangements and such consents, approvals, authorizations, orders, registrations or
    qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters;</p>
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    court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and the consummation of the transactions contemplated by this
    Agreement and the Pricing Disclosure Package, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws in connection with the purchase and resale of the
    Shares by the Underwriters;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (&#8220;Actions&#8221;) pending to which the Company or any of its subsidiaries is or may be a party or to which any property of the Company
    or any of its subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, could reasonably be expected to have a Material Adverse Effect; and no such Actions are
    threatened or, to the knowledge of the Company, contemplated by any governmental or regulatory authority or threatened by others; there are no current or pending Actions that are required under the Act to be described in the Registration Statement or
    the Pricing Disclosure Package that are not so described therein; and there are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the
    Registration Statement, the Pricing Disclosure Package that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing Disclosure Package;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    subsidiaries, are independent public accounts as required by the Act and the rules and regulations of the Commission thereunder;</p>
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    rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections
    of title except those that (A) do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries, (B) could not reasonably be expected, individually or in the aggregate, to have a Material
    Adverse Effect or (C) those that secure the Credit Facility;</p>
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    Material Adverse Effect, the Company and its subsidiaries have such consents, easements, rights-of-way or licenses from any person as are necessary to enable the Company and its subsidiaries to conduct their respective business in the manner described
    in the Registration Statement, the Pricing Disclosure Package and the Prospectus, subject to such qualifications as may be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source indicators, copyrights and copyrightable works, know-how, trade secrets, systems, procedures, proprietary or
    confidential information and all other worldwide intellectual property, industrial property and proprietary rights (collectively, &#8220;Intellectual Property&#8221;) used in the conduct of their respective businesses; (B) the Company&#8217;s and its subsidiaries&#8217;
    conduct of their respective businesses does not infringe, misappropriate or otherwise violate any Intellectual Property of any person; (C) the Company and its subsidiaries have not received any written notice of any claim relating to Intellectual
    Property; and (D) to the knowledge of the Company, the Intellectual Property of the Company and their subsidiaries is not being infringed, misappropriated or otherwise violated by any person, except in the case of each of clauses (A) though (D) above,
    as would not, individually or in the aggregate, have a Material Adverse Effect;</p>
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    subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of the Company or any of its subsidiaries, on the other, that would be required by the Act to be described in a registration statement on Form S-1 to be filed
    with the Commission and that is not so described in the Registration Statement, the Pricing Disclosure Package or the Prospectus;</p>
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    permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective
    properties or the conduct of their respective businesses as described in the Pricing Disclosure Package and the Prospectus, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse
    Effect; and except as described in the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, sub-license, certificate, permit or
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    subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of the Company&#8217;s or any of the Company&#8217;s
    subsidiaries&#8217; principal suppliers, contractors or customers, except as would not have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of cancellation or termination with respect to any collective
    bargaining agreement to which it is a party;</p>
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    neither the Company nor any of its subsidiaries is in violation of, and does not have any liability under, any federal, state, local or non-U.S. statute, law, rule, regulation, ordinance, code, other requirement or rule of law (including common law),
    or decision or order of any domestic or foreign governmental agency, governmental body or court, relating to pollution, to the use, handling, transportation, treatment, storage, discharge, disposal or release of Hazardous Substances (as defined below),
    to the protection or restoration of the environment or natural resources, to health and safety including as such relates to exposure to Hazardous Substances, and to natural resource damages (collectively, &#8220;Environmental Laws&#8221;), (ii) to the knowledge of
    the Company, neither the Company nor any of its subsidiaries is liable or allegedly liable for any release or threatened release of Hazardous Substances, including at any off site storage, treatment, or disposal site, (iii) neither the Company nor any
    of its subsidiaries is subject to any pending, or to the Company&#8217;s knowledge, threatened, claim by any governmental agency or governmental body or person arising under Environmental Laws or relating to the release of or exposure to Hazardous Substances
    and (iv) the Company and its subsidiaries have received, are in compliance with all, and have no liability under any, permits, licenses, authorizations, identification numbers, consents, waivers, exemptions, or other approvals required under applicable
    Environmental Laws to conduct their business, except in each case covered by clauses (i)&#160;through (iv) such as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (b) to the knowledge of the Company
    and its subsidiaries, there are no facts or circumstances that would reasonably be expected to result in a violation of, liability under, or claim pursuant to any Environmental Law that would reasonably be expected to have a Material Adverse Effect.
    Except as disclosed in the Pricing Disclosure Package and the Prospectus, (x) there is no proceeding that is pending, or that is known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws in which a
    governmental entity is also a party, other than such proceeding regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed, and (y) none of the Company or its subsidiaries anticipates material capital
    expenditures relating to any Environmental Laws. For purposes of this subsection &#8220;Hazardous Substances&#8221; means (A) petroleum and petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing materials, and
    polychlorinated biphenyls, and (B) any other chemical, material or substance defined or regulated as toxic or hazardous or as a pollutant, contaminant or waste under Environmental Laws;</p>
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    Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), for which the Company or any member of its &#8220;Controlled Group&#8221; (defined as any entity, whether or not incorporated, that is under common control with the Company within the meaning
    of Section 4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;)) would have any liability (each, a &#8220;Plan&#8221;) has
    been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (B) no prohibited transaction, within the meaning of Section 406 of ERISA or
    Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative exemption; (C) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of
    ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan; (D) no Plan is, or is
    reasonably expected to be, in &#8220;at risk status&#8221; (within the meaning of Section 303(i) of ERISA), and no Plan that is a &#8220;multiemployer plan&#8221; within the meaning of Section 4001(a)(3) of ERISA is in &#8220;endangered status&#8221; or &#8220;critical status&#8221; (within the
    meaning of Sections 304 and 305 of ERISA); (E) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (F) no &#8220;reportable event&#8221;
    (within the meaning of Section 4043(c) of ERISA and the regulations promulgated thereunder) has occurred or is reasonably expected to occur; (G) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing
    has occurred, whether by action or by failure to act, which would cause the loss of such qualification; (H) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA
    (other than contributions to the Plan or premiums to the Pension Benefit Guarantee Corporation, in the ordinary course and without default) in respect of a Plan (including a &#8220;multiemployer plan&#8221; within the meaning of Section 4001(a)(3) of ERISA); and
    (i) none of the following events has occurred or is reasonably likely to occur: (A) a material increase in the aggregate amount of contributions required to be made to all Plans by the Company or its Controlled Group affiliates in the current fiscal
    year of the Company and its Controlled Group affiliates compared to the amount of such contributions made in the Company&#8217;s and its Controlled Group affiliates&#8217; most recently completed fiscal year; or (B) a material increase in the Company and its
    subsidiaries&#8217; &#8220;accumulated post-retirement benefit obligations&#8221; (within the meaning of Accounting Standards Codification Topic 715-60) compared to the amount of such obligations in the Company and its subsidiaries&#8217; most recently completed fiscal year,
    except in each case with respect to the events or conditions set forth in clauses (i) through (ix) hereof, as would not, individually or in the aggregate, have a Material Adverse Effect;</p>
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    such term is defined in Rule 13a-15(f) under the Exchange Act that (i) complies with the requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), (ii) has been designed by the Company&#8217;s principal executive officer and
    principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the applicable provisions of
    GAAP, including, but not limited to internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management&#8217;s general or specific authorization; (B) transactions are recorded as necessary
    to permit preparation of financial statements in conformity with the applicable provisions of GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and
    (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Pricing Disclosure Package and the Prospectus, there are
    no material weaknesses or significant deficiencies in the Company&#8217;s internal controls;</p>
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    properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts as is customary for similar businesses in similar industries and markets in which they are engaged; and neither the Company nor
    any of its subsidiaries has (A) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (B) any reason to believe that it will
    not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business, except in the case of clauses (i) and (ii), as
    would not, individually or in the aggregate, have a Material Adverse Effect;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(ee)<font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither the Company nor any of its subsidiaries, nor, to the knowledge of the
    Company, (A) any director, officer or employee of the Company or any of its subsidiaries or (B) any agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any
    unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or
    domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
    party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of
    Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an
    act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted,
    maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws;</p>
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    times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the
    Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;Anti-Money
    Laundering Laws&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to
    the knowledge of the Company, threatened;</p>
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    Company (A) any director, officer or employee of the Company or any of its subsidiaries or (B) any agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is currently the subject or the target of
    any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#8220;OFAC&#8221;) or the U.S. Department of State and including, without limitation, the
    designation as a &#8220;specially designated national&#8221; or &#8220;blocked person&#8221;), the United Nations Security Council (&#8220;UNSC&#8221;), the European Union, Her Majesty&#8217;s Treasury (&#8220;HMT&#8221;), or other relevant sanctions authority (collectively, &#8220;Sanctions&#8221;), nor is the
    Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria and Crimea (each, a &#8220;Sanctioned Country&#8221;); and the
    Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate
    any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that
    will result in a violation by any person (including any person participating in the transaction, whether as initial purchaser, underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Company and its subsidiaries have not
    knowingly engaged in, are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country;</p>
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    Reorganization, the Company (after giving effect to the issuance and sale of the Shares and the other transactions related thereto as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus) will be Solvent. As used
    in this paragraph, the term &#8220;Solvent&#8221; means, with respect to a particular date and entity, that on such date (A) the present fair market value (or present fair saleable value) of the assets of such entity is not less than the total amount required to
    pay the probable liabilities of such entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (B) such entity is able to realize upon its assets and pay its debts and other liabilities,
    contingent obligations and commitments as they mature and become due in the normal course of business; (C) assuming consummation of the issuance and sale of the Shares as contemplated by this Agreement, the Pricing Disclosure Package and the
    Prospectus, such entity does not have or propose to incur debts or liabilities beyond its ability to pay as such debts and liabilities mature; (D) such entity is not engaged in any business or transaction, and does not propose to engage in any business
    or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged; and (v) such entity is not a defendant in any civil action
    that would result in a judgment that such entity is or would become unable to satisfy;</p>
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    agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary&#8217;s capital stock or similar ownership interest, from repaying to the Company any loans or
    advances to such subsidiary from the Company or from transferring any of such subsidiary&#8217;s properties or assets to the Company or any other subsidiary of the Company, except for any such restrictions (A) contained in or permitted by the Credit Facility
    or (B) that will be permitted by the Indenture;</p>
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    or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Underwriter for a brokerage commission, finder&#8217;s fee or like payment in connection with the offering and sale of the Shares;</p>
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    would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares;</p>
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    21E of the Exchange Act) included in any of Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;</p>
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    believe that the statistical and market-related data included in the Registration Statement, the Pricing Disclosure Package and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects;</p>
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    computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &#8220;IT Systems&#8221;) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the
    Company and its subsidiaries as currently conducted, and to the knowledge of the Company are free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other material corruptants. The Company and its subsidiaries have
    implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and
    data (including all personal, personally identifiable, sensitive, confidential or regulated data (&#8220;Personal Data&#8221;)) used in connection with their businesses, and, to the knowledge of the Company, there have been no material breaches, violations,
    outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The
    Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and
    contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification except as would not, individually or
    in the aggregate, reasonably be expected to have a Material Adverse Effect;</p>
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    amendment thereto, at the earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Shares, and at the date hereof, the Company was not and is not an
    &#8220;ineligible issuer,&#8221; as defined in Rule 405 under the Act;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(pp)<font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There is and has been no failure on the part of the Company or any of the
    Company&#8217;s directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith, including Section 402 related to
    loans and Sections 302 and 906 related to certifications; and</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: justify; text-indent: 0.5in;">(qq)<font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>From the time of initial confidential submission of a registration statement
    relating to the Shares with the Commission through the date hereof, the Company has been and is an &#8220;emerging growth company&#8221; as defined in Section 2(a)(19) of the Act (an &#8220;Emerging Growth Company&#8221;).</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">Any certificate signed by any officer of the Company and delivered to the Representatives or counsel for the Underwriters in connection with
    the offering of the Shares shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Underwriter.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Underwriters, and each
    of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase price per share of $12.22, the number of Firm Shares as set forth opposite the name of such Underwriter in Schedule&#160;I hereto and (b) in the event and to
    the extent that the Underwriters shall exercise the election to purchase Optional Shares as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase
    from the Company, at the purchase price per share set forth in clause (a) of this Section&#160;2 (provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and
    payable on the Firm Shares but not payable on the Optional Shares), that portion of the number of Optional Shares as to which such election shall have been exercised (to be adjusted by you so as to eliminate fractional shares) determined by multiplying
    such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of
    which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">The Company hereby grants to the Underwriters the right to purchase at their election up to 2,647,500 Optional Shares, at the purchase price
    per share set forth in the paragraph above, provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on
    the Optional Shares. Any such election to purchase Optional Shares may be exercised only by written notice from you to the Company, given within a period of 30 calendar days after the date of this Agreement and setting forth the aggregate number of
    Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by you but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless you and the Company otherwise agree
    in writing, earlier than two or later than ten business days after the date of such notice.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the authorization by you of the release of the Shares, the several Underwriters propose to offer the Shares for sale upon the
    terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a) The Shares to be purchased by each Underwriter hereunder, in definitive or book-entry form, and in such authorized denominations
    and registered in such names as the Representatives may request upon at least forty-eight hours&#8217; prior notice to the Company shall be delivered by or on behalf of the Company to the Representatives, through the facilities of The Depository Trust
    Company (&#8220;DTC&#8221;), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at
    least forty-eight hours in advance. To the extent any Shares are delivered in certificated form and not in book-entry form through the facilities of DTC, the Company will cause the certificates representing such Shares, if any, to be made available for
    checking and packaging at least twenty-four hours prior to the Time of Delivery (as defined below) with respect thereto at the office of DTC or its designated custodian (the &#8220;Designated Office&#8221;). The time and date of such delivery and payment shall be,
    with respect to the Firm Shares, 9:30 a.m., New York City time, on October 26, 2021, or such other time and date as the Representatives and the Company may agree upon in writing, and, with respect to the Optional Shares, 9:30 a.m., New York City time,
    on the date specified by the Representatives in each written notice given by the Representatives of the Underwriters&#8217; election to purchase such Optional Shares, or such other time and date as the Representatives and the Company may agree upon in
    writing. Such time and date for delivery of the Firm Shares is herein called the &#8220;First Time of Delivery,&#8221; each such time and date for delivery of the Optional Shares, if not the First Time of Delivery, is herein called the &#8220;Second Time of Delivery,&#8221;
    and each such time and date for delivery is herein called a &#8220;Time of Delivery&#8221;; and</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The documents to be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section&#160;8 hereof, including
    the cross receipt for the Shares and any additional documents requested by the Underwriters pursuant to Section&#160;8(k) hereof will be delivered at the offices of Latham &amp; Watkins LLP, 811 Main Street, Suite 3700, Houston, Texas 77002 (the &#8220;Closing
    Location&#8221;), and the Shares will be delivered through the facilities of DTC in the case of book-entry shares or at the Designated Office in the case of certificated Shares, all at such Time of Delivery. A meeting will be held at the Closing Location at
    4:00 p.m., New York City time, on the New York Business Day next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto.
    &#8220;New York Business Day&#8221; shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company agrees with each of the Underwriters:</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;To prepare the Prospectus in a form approved by you and to file such Prospectus pursuant to Rule 424(b) under the Act not later than
    the Commission&#8217;s close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act; to make no further amendment or any
    supplement to the Registration Statement or the Prospectus prior to the last Time of Delivery, which shall be reasonably disapproved by you promptly after reasonable notice thereof; to advise you, promptly after it receives notice thereof, of the time
    when any amendment to the Registration Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish you with copies thereof; to file promptly all material required to be filed by the
    Company with the Commission pursuant to Rule 433(d) under the Act; to advise you, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary
    Prospectus or other prospectus in respect of the Shares, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the
    Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary
    Prospectus or other prospectus in respect of the Shares or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Promptly from time to time to take such action as you may reasonably request to qualify the Shares for offering and sale under the
    securities laws of such jurisdictions as you may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the
    Shares, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation (where not otherwise required) or to file a general consent to service of process in any jurisdiction (where not otherwise required);</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement (or such other time
    as may be agreed to by the Company and the Representatives) and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as you may reasonably request, and, if the delivery
    of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Shares and
    if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
    in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same
    period to amend or supplement the Prospectus in order to comply with the Act, to notify you and upon your request to prepare and furnish without charge to each Underwriter and to any dealer in securities (whose name and address the Underwriters shall
    furnish to the Company) as many written and electronic copies as you may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in
    case any Underwriter is required under the Act to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Shares at any time nine months or more after the time of issue of
    the Prospectus, upon your request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as you may reasonably request of an amended or supplemented Prospectus complying with Section
    10(a)(3) of the Act;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;To make generally available to its securityholders as soon as practicable, but in any event not later than sixteen months after the
    effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations of the
    Commission thereunder (including, at the option of the Company, Rule 158 under the Act), which may be satisfied by furnishing or filing such earnings statement on the Commission&#8217;s Electronic Data Gathering Analysis and Retrieval System (&#8220;EDGAR
    System&#8221;);</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1) During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the
    Prospectus (the &#8220;<u>Lock-Up Period</u>&#8221;), not to (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or publicly file with the Commission a
    registration statement under the Act relating to, any securities of the Company that are substantially similar to the Shares (except the filing by the Company of any registration statement on Form S-8 (or any successor form) with the Commission
    relating to the offering of securities pursuant to the terms of an equity incentive or similar plans described in the Pricing Disclosure Package), including but not limited to any options or warrants to purchase shares of Stock or any securities that
    are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities (&#8220;<u>Lock-Up Securities</u>&#8221;), or publicly disclose the intention to make any offer, sale, pledge, disposition or
    filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to
    be settled by delivery of Stock or such other securities, in cash or otherwise (other than (A) Shares to be sold hereunder, (B) securities issued, transferred, redeemed or exchanged in connection with the Reorganization, (C) any equity incentive
    compensation, including restricted stock or restricted stock units, under equity incentive or similar plans described in the Registration Statement, the Pricing Disclosure Package and Prospectus, (D) any Lock-Up Securities issued under such equity
    incentive or similar plans described in the Registration Statement, the Pricing Disclosure Package and Prospectus, (E) issuances of Lock-Up Securities issued as consideration for the acquisition of equity interests or assets of any person, or the
    acquiring by the Company by any other manner of any business, properties, assets, or persons, in one transaction or a series of related transactions or the filing of a registration statement related to such Lock-Up Securities; provided that (I) no more
    than an aggregate of 10% of the number of shares of the Company&#8217;s capital stock outstanding as of the First Time of Delivery are issued as consideration in connection with all such acquisitions and (II) prior to the issuance of such shares of the
    Company&#8217;s capital stock each recipient of such shares agrees in writing to be subject to the &#8220;lock-up&#8221; described in this Section 5(e) for the remaining term of the Lock-Up Period and (F) the confidential submission by the Company of a resale shelf
    draft registration statement on Form S-1 with the Commission after March 31, 2022 to the extent consistent with the Company's obligations under the registration rights agreement entered into in connection with the Offering), without the prior written
    consent of the Representatives;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 63pt;">(2) If the Representatives, in their discretion, agree to release or waive the restrictions set forth in a lock-up letter described in
    Section&#160;8(i) hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the
    impending release or waiver by a press release substantially in the form of Annex II hereto through a major news service at least two business days before the effective date of the release or waiver;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;During a period of three years from the effective date of the Registration Statement, so long as the Company is subject to the
    reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income,
    stockholders&#8217; equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the
    fiscal quarter ending after the effective date of the Registration Statement), to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail, provided,
    however, that any such report, communication or information furnished or filed with the Commission that is publicly available on the Commission&#8217;s EDGAR System shall be deemed to have been furnished to the Company&#8217;s stockholders at the time such report,
    communication or information is furnished or filed with the Commission and provided, further, that the Company may satisfy the requirements of this clause by making any such report, communication or information generally available on its website;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;During a period of three years from the effective date of the Registration Statement , so long as the Company is subject to the
    reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to you copies of all reports or other communications (financial or other) furnished to stockholders, and to deliver to you as soon as they are available,
    copies of any current, periodic or annual reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Company is listed; provided, however, that any such report,
    communication or information furnished or filed with the Commission that is publicly available on the Commission&#8217;s EDGAR System shall be deemed to have been furnished to you at the time such report, communication or information is furnished or filed
    with the Commission, and provided, further that the Company may satisfy the requirements of this clause by making any such report, communication or information generally available on its website;</p>
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    Disclosure Package under the caption &#8220;Use of Proceeds&#8221;;</p>
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    &#8220;Exchange&#8221;);</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Company elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in
    compliance with Rule 462(b) by 10:00 p.m., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable
    instructions for the payment of such fee pursuant to Rule 3a(c) of the Commission&#8217;s Informal and Other Procedures (16 CFR 202.3a);</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(k)&#160;&#160;&#160;&#160;&#160;&#160;Upon request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company&#8217;s
    trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the on-line offering of the Shares (the &#8220;License&#8221;); provided, however, that the License shall be used solely for
    the purpose described above, is granted without any fee and may not be assigned or transferred;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;To promptly notify you if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the
    distribution of the Shares within the meaning of the Act and (ii) the last Time of Delivery;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(m)&#160;&#160;&#160;&#160;&#160;To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are
    offered in connection with the Directed Share Program.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0in;"> 6. (a) The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make any offer
    relating to the Shares that would constitute a &#8220;free writing prospectus&#8221; as defined in Rule 405 under the Act; each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not
    make any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission; any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on
    Schedule II(a) hereto;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(b)&#160;&#160;&#160;&#160;&#160;&#160;The Company has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing
    Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Act to avoid a requirement to
    file with the Commission any electronic road show;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(c) &#160;&#160;&#160;&#160;&#160;The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus or Written Testing-the-Waters
    Communication any event occurred or occurs as a result of which such Issuer Free Writing Prospectus or Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, the Pricing Disclosure Package or the
    Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt
    notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus, Written Testing-the-Waters Communication or other document which will correct
    such conflict, statement or omission; provided, however, that this representation and warranty shall not apply to any statements or omissions in a Written Testing-the-Waters Communication or an Issuer Free Writing Prospectus made in reliance upon and
    in conformity with the Underwriter Information;</p>
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    Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that
    are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act; and (ii) it has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters
    Communications, other than those distributed with the prior consent of the Representatives that are listed on Schedule II(c) hereto; and the Company reconfirms that the Underwriters were authorized to act on its behalf in engaging in Testing-the-Waters
    Communications;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(e)&#160;&#160;&#160;&#160;&#160;&#160;Each Underwriter represents and agrees that any Testing-the-Waters Communications undertaken by it were with entities that such
    Underwriter reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the
    Act.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company covenants and agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the
    fees, disbursements and expenses of the Company&#8217;s counsel and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration
    Statement, any Preliminary Prospectus, any Written Testing-the-Waters Communication, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and
    dealers; (ii) the cost of printing or producing any agreement among Underwriters, this Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale
    and delivery of the Shares; (iii) all expenses in connection with the qualification of the Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable and documented fees and disbursements of
    counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey; (iv) all fees and expenses in connection with listing the Shares on the Exchange; (v) the filing fees incident to, and the reasonable and
    documented fees and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Shares, provided that the amounts payable by the Company pursuant to clause (v) solely with respect to
    fees and disbursements for Underwriters&#8217; counsel, shall not exceed $25,000 in the aggregate; (vi) all the Company&#8217;s travel expenses in connection with any road show presentation to investors, except that the Company and the Underwriters shall each pay
    50% of the cost of any chartered plane, chartered jet or other chartered aircraft used in connection with any road show presentation to investors; (vii) the cost of preparing stock certificates, if applicable; (vii) the cost and charges of any transfer
    agent or registrar; and (ix) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 7, including all taxes incident to the sale and delivery of the Shares
    to be sold by the Company to the Underwriters hereunder. It is understood, however, that the Company shall bear the cost of any other matters not directly relating to the sale and purchase of the Shares pursuant to this Agreement, and that, except as
    provided in this Section 7, and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, stock transfer taxes on resale of any of the Shares by them, and any advertising expenses
    connected with any offers they may make.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The obligations of the Underwriters hereunder, as to the Shares to be delivered at each Time of Delivery, shall be subject, in their
    discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the Applicable Time and such Time of Delivery, true and correct, the condition that the Company shall have performed all
    of its obligations hereunder theretofore to be performed, and the following additional conditions:</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Prospectus shall have been filed with the Commission pursuant to Rule&#160;424(b) under the Act within the applicable time period
    prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; all material required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within
    the applicable time period prescribed for such filing by Rule 433 under the Act; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b) Registration Statement shall have become effective by 10:00 p.m., Washington, D.C. time,
    on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall have been initiated or, to
    the Company&#8217;s knowledge, threatened by the Commission; no stop order suspending or preventing the use of the Pricing Prospectus, Prospectus or any Issuer Free Writing Prospectus shall have been initiated or, to the Company&#8217;s knowledge, threatened by
    the Commission; and all requests for additional information on the part of the Commission shall have been complied with to your reasonable satisfaction;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latham &amp; Waktins LLP, counsel for the Underwriters, shall have furnished to you such written opinion or opinions, dated such Time
    of Delivery, in form and substance satisfactory to you, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gibson, Dunn &amp; Crutcher LLP, counsel for the Company, shall have furnished to you their written opinion and disclosure letter (a
    form of such opinion and disclosure letter are attached as Annex I hereto), dated such Time of Delivery, in form and substance satisfactory to you;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective
    date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, BDO USA, LLP shall have furnished to you a letter or letters, dated the respective dates of delivery
    thereof, in form and substance satisfactory to you;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i) Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements
    included in the Pricing Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than
    as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus there shall not have been any change in the capital stock or long-term debt of the Company or any of
    its subsidiaries or any change or effect, or any development involving a prospective change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders&#8217; equity or results of operations of the
    Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (y) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to
    consummate the transactions contemplated in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in your judgment so material and adverse as to make it impracticable or inadvisable to
    proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;</p>
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    &#8220;nationally recognized statistical rating organization,&#8221; as defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its
    rating of any of the Company&#8217;s debt securities;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in
    trading in securities generally on the Exchange; (ii) a suspension or material limitation in trading in the Company&#8217;s securities on the Exchange; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State
    authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a
    national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in your
    judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each officer, director and
    stockholder of the Company listed on Schedule III hereto, substantially to the effect set forth in Annex III hereto in form and substance satisfactory to you;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prior to or substantially concurrent with the First Time of Delivery, the Reorganization shall have been consummated in a manner
    substantially consistent with the description thereof in the Registration Statement, Pricing Disclosure Package and the Prospectus;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall have complied with the provisions of Section 5(c) hereof with respect to the furnishing of prospectuses on the New
    York Business Day next succeeding the date of this Agreement;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall have furnished or caused to be furnished to you at such Time of Delivery certificates of officers of the Company,
    satisfactory to you as to the accuracy of the representations and warranties of the Company, herein at and as of such Time of Delivery, as to the performance by the Company of all of their respective obligations hereunder to be performed at or prior to
    such Time of Delivery, as to such other matters as you may reasonably request, and the Company shall have furnished or caused to be furnished certificates as to the matters set forth in subsections (a) and (e) of this Section&#160;8; and</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(m)&#160;&#160;&#160;&#160;&#160;&#160;The Representatives shall have received on and as of the date of this Agreement or the Closing Date, as the case may be, a certificate
    of the Chief Financial Officer of the Company in form and substance reasonably satisfactory to the Representatives.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a) The Company will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or
    several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of
    a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any &#8220;roadshow&#8221; as defined in Rule 433(h) under
    the Act (a &#8220;roadshow&#8221;), any &#8220;issuer information&#8221; filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material
    fact required to be stated therein or necessary in order to make the statements therein not misleading (in the case of any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, any amendment or supplement thereto, and any Issuer Free
    Writing Prospectus, in the light of the circumstances under which they were made), and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action
    or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement
    or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any Testing-the-Waters
    Communication, in reliance upon and in conformity with the Underwriter Information.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Underwriter, severally and not jointly, will indemnify and hold harmless the Company against any losses, claims, damages or
    liabilities to which the Company, may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a
    material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow or any Testing-the-Waters
    Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading (in the case of any Preliminary
    Prospectus, the Pricing Prospectus or the Prospectus, any amendment or supplement thereto, and any Issuer Free Writing Prospectus, in the light of the circumstances under which they were made), in each case to the extent, but only to the extent, that
    such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free
    Writing Prospectus, or any roadshow or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information; and will reimburse the Company, for any legal or other expenses reasonably incurred by the Company in
    connection with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter and an applicable document, &#8220;Underwriter Information&#8221; shall mean the written information
    furnished to the Company by such Underwriter through the Representatives expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus
    furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the fourth paragraph under the caption &#8220;Underwriting,&#8221; and the information contained in the fourteenth and fifteenth paragraphs under the caption
    &#8220;Underwriting.&#8221;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Promptly after receipt by an indemnified party under subsection (a) or (b) of this Section&#160;9 of notice of the commencement of any
    action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the
    indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such
    failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under the preceding paragraphs of this Section 9. In case any such action
    shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other
    indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after
    notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any
    other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation unless (i) the indemnifying party and the indemnified party shall have mutually agreed to
    the contrary, (ii) such indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the indemnifying party, (iii) the indemnifying party has failed
    within a reasonable time to retain counsel reasonably satisfactory to the indemnified party, or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnifying person and the indemnified person and
    representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood that the indemnifying party or parties shall not, in connection with any one action or proceeding or
    separate but substantially similar actions or proceedings arising out of the same general allegations, be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys at any time for (i) all Underwriters and
    all persons, if any, who control, as of the date hereof, any Underwriter within the meaning of the Act and the Exchange Act, or who are affiliates of any Underwriter within the meaning of Rule 405 under the Act and (ii) the Company, its directors, its
    officers and each person who controls, as of the date hereof, the Company within the meaning of the Act and the Exchange Act, except, in each case, to the extent that local counsel or counsel with specialized expertise (in addition to any regular
    counsel) is required to effectively defend against any such action or proceeding, and that all such fees and expenses shall be reimbursed as they are incurred. No indemnifying party shall, without the written consent of the indemnified party, effect
    the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an
    actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a
    statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under
    subsection (a) or (b) of this Section 9 above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
    party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the
    offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) of this Section 9, then each
    indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters
    on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the
    Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company
    bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the
    untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other and the parties&#8217; relative intent,
    knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro
    rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable
    by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any reasonable and documented legal or other expenses reasonably
    incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which
    the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
    statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The
    Underwriters&#8217; obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.</p>
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  </div>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The obligations of the Company under this Section 9 shall be in addition to any liability which the Company may otherwise have and
    shall extend, upon the same terms and conditions, to each employee, officer and director of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the Act and each broker-dealer or other affiliate of any
    Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and
    director of the Company (including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company) and to each person, if any, who controls the Company within the meaning of the Act.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">10. (a) If any Underwriter shall default in its obligation to purchase the Shares that it has agreed to purchase hereunder at a Time of
    Delivery, you may in your discretion arrange for you or another party or other parties to purchase such Shares on the terms contained herein. If within thirty-six hours after such default by any Underwriter you do not arrange for the purchase of such
    Shares, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Shares on the terms of this Agreement. In the event that, within the
    respective prescribed periods, you notify the Company that you have so arranged for the purchase of such Shares, or the Company notifies you that it has so arranged for the purchase of such Shares, you or the Company shall have the right to postpone
    such Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees to file
    promptly any amendments or supplements to the Registration Statement or the Prospectus which in your opinion may thereby be made necessary. The term &#8220;Underwriter&#8221; as used in this Agreement shall include any person substituted under this Section 10 with
    like effect as if such person had originally been a party to this Agreement with respect to such Shares.</p>
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  </div>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by you and the
    Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased does not exceed one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, then the Company shall have the
    right to require each non-defaulting Underwriter to purchase the number of Shares which such Underwriter agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share
    (based on the number of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter
    from liability for its default.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by you and the
    Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased exceeds one-eleventh of the aggregate number of all of the Shares to be purchased at such Time of Delivery, or if the Company shall not exercise
    the right described in subsection (b) of this Section 10 above to require non-defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then this Agreement (or, with respect to a Second Time of Delivery, the obligations of
    the Underwriters to purchase and of the Company to sell the Optional Shares) shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the
    Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;The respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the Company and
    the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made
    by or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for
    the Shares.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be under any liability to any
    Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason any Shares are not delivered by or on behalf of the Company as provided herein, or the Underwriters decline to purchase the Shares for any reason permitted under
    this Agreement, the Company will reimburse the Underwriters through you for all reasonable and documented out-of-pocket expenses approved in writing by you, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making
    preparations for the purchase, sale and delivery of the Shares not so delivered, but the Company shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be
    entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by you jointly or by Goldman Sachs &amp; Co. LLC and Citigroup Global Markets Inc. on behalf of you as the Representatives.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters
    are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the
    Underwriters to properly identify their respective clients.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail,
    telex or facsimile transmission to Goldman Sachs &amp; Co. LLC, 200 West Street, New York, New York 10282, Attention: Registration Department; or Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013 Attention: General Counsel,
    facsimile number 1-646-291-1469; if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Chief Financial Officer; and if to any stockholder
    that has delivered a lock-up letter described in Section 8(i) hereof shall be delivered or sent by mail to its, his or her respective address provided in Schedule III hereto or such other address as such stockholder provides in writing to the Company;
    provided, however, that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters&#8217; Questionnaire, or telex
    constituting such Questionnaire, which address will be supplied to the Company by you upon request; provided further that notices under subsection 5(e) shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or
    facsimile transmission to Goldman Sachs &amp; Co. LLC, 200 West Street, New York, New York 10282, Attention: Control Room; or Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013 Attention: General Counsel, facsimile number
    1-646-291-1469. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.</p>
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    in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs, executors, administrators,
    successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or
    fiduciary of the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has
    advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement, (iv) the Company has consulted its own legal and financial advisors to the extent it
    deemed appropriate, and (v) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity
    or natural person. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the
    process leading thereto.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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      thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any other law than the laws of the State of New York. The Company
      agrees that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform
    Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without the Underwriters imposing any
    limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
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    Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination, upon request, but without warranty on your part as to the authority of the signers
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">Name: Brad Epstein</td>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">Title: Managing Director</td>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">On behalf of each of the Underwriters</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <table style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td colspan="9" style="font-weight: bold; text-align: center; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">SCHEDULE I</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>Number of Optional</b></td>
        <td style="font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>Shares to be</b></td>
        <td style="font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>Total Number of</b></td>
        <td style="font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>Purchased if</b></td>
        <td style="font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>Firm Shares</b></td>
        <td style="font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>Maximum Option</b></td>
        <td style="font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="font-weight: bold; text-decoration: underline; text-align: center; padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">Underwriter</td>
        <td style="font-weight: bold; padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td colspan="2" style="border-bottom: 1pt solid Black; font-weight: bold; text-align: center; font-family: 'Times New Roman',Times,serif;"><b>to be Purchased</b></td>
        <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-weight: bold; padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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        <td style="padding-bottom: 1pt; font-weight: bold; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="width: 64%; text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Goldman Sachs &amp; Co. LLC </td>
        <td style="width: 1%; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="width: 1%; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="width: 15%; text-align: right; font-family: 'Times New Roman',Times,serif;">4,942,000</td>
        <td style="width: 1%; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="width: 1%; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="width: 1%; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="width: 15%; text-align: right; font-family: 'Times New Roman',Times,serif;">741,300</td>
        <td style="width: 1%; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Citigroup Global Markets Inc. </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">3,591,775</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">538,766</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">J.P. Morgan Securities LLC </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,826,775</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">274,016</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Wells Fargo Securities, LLC </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,826,775</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">274,016</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Barclays Capital Inc. </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,473,775</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">221,066</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Evercore Group L.L.C. </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,473,775</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">221,066</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Capital One Securities, Inc. </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">503,025</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">75,454</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Johnson Rice &amp; Company L.L.C. </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">503,025</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">75,454</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">Raymond James &amp; Associates, Inc. </td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">503,025</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">75,454</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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      <tr style="vertical-align: bottom; background-color: White">
        <td style="text-align: left; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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        <td style="padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="border-bottom: 1pt solid Black; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="border-bottom: 1pt solid Black; text-align: right; font-family: 'Times New Roman',Times,serif;">503,025</td>
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        <td style="padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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        <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="padding-bottom: 1pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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        <td style="border-bottom: 2.5pt double Black; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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        <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="border-bottom: 2.5pt double Black; text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 58.5pt 0pt 0px; text-align: center; text-indent: 0in;"><b>SCHEDULE II</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 1.8pt 0pt 0px; text-align: justify; text-indent: 0in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin-top: 0px; margin-bottom: 0px; margin-left: 0in; text-indent: 1in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin-top: 0px; margin-bottom: 0px; margin-left: 0in; text-indent: 1in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin-top: 0px; margin-bottom: 0px; margin-left: 0in; text-indent: 1in;">The number of Optional Shares to be sold by the Company at the option of the Underwriters is 2,647,500.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin-top: 0px; margin-bottom: 0px; margin-left: 0in; text-indent: 1in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 58.5pt 0pt 0px; text-align: justify; text-indent: 0in;">&#160;</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin-top: 0px; margin-bottom: 0px; margin-left: 0in; text-indent: 1in;">Testing-the-Waters Presentation dated September 2021</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 1.8pt 0pt 0px; text-align: center; text-indent: 0in;"><b>SCHEDULE III</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 1.8pt 0pt 0px; text-align: center; text-indent: 0in;">&#160;</p>
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        <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;">4.</td>
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        <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;">5.</td>
        <td style="text-align: justify; padding-right: 58.5pt; font-family: 'Times New Roman',Times,serif;">William A. Zartler</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
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        <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;">6.</td>
        <td style="text-align: justify; padding-right: 58.5pt; font-family: 'Times New Roman',Times,serif;">Amanda M. Brock</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
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        <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;">7.</td>
        <td style="text-align: justify; padding-right: 58.5pt; font-family: 'Times New Roman',Times,serif;">Brenda R. Schroer</td>
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        <td style="width: 18pt; font-family: 'Times New Roman',Times,serif;">8.</td>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font> <font style="font-family: 'Times New Roman',Times,serif;"> </font> <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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      <tr>
        <td style="width: 67%; border: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-align: center; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;"><b><i>Entity</i></b></td>
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              of Formation</i></b></td>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware </td>
      </tr>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware</td>
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      </tr>
      <tr>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware</td>
      </tr>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware</td>
      </tr>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware</td>
      </tr>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Solaris Services Holdings, LLC</td>
        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware</td>
      </tr>
      <tr>
        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Clean H2O Technologies, LLC</td>
        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Delaware</td>
      </tr>
      <tr>
        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">829 Martin County Pipeline, LLC</td>
        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding-top: 6pt; padding-bottom: 6pt; text-indent: 0.5in; font-family: 'Times New Roman',Times,serif;">Texas</td>
      </tr>

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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: right;"><b>ANNEX I</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: right;"><b>ANNEX II</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center; text-indent: 0in;"><b>[FORM OF PRESS RELEASE]</b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0in;"><b>Aris Water Solutions, Inc.&#160;</b></p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0in;"><b>[Date]</b></p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: left; text-indent: 0in;">Aris Water Solutions, Inc. (the &#8220;Company&#8221;) announced today that Goldman Sachs &amp; Co. LLC and Citigroup Global Markets Inc., representatives of
    the underwriters in the recent public sale of [&#160;&#9679;&#160;] shares of the Company&#8217;s Class A common stock, is [waiving] [releasing] a lock-up restriction with respect to shares of the Company&#8217;s common stock held by [certain officers or directors] [an officer or
    director] of the Company. The [waiver] [release] will take effect on , 20 , and the shares may be sold on or after such date.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: left; text-indent: 0in;"><b>This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited,
      and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended. </b></p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.5in; text-align: right;"><b>ANNEX III</b></p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">Aris Water Solutions, Inc.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">Lock-Up Agreement</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">October 21, 2021</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: center;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">Goldman Sachs &amp; Co. LLC</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">200 West Street</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">New York, NY 10282</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">Citigroup Global Markets Inc.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font><font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">388 Greenwich Street<br>
    New York, New York 10013</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.65in; text-align: justify; text-indent: -0.15in;">Re: Aris Water Solutions, Inc. - Lock-Up Agreement</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px 0pt 0.65in; text-align: justify; text-indent: -0.15in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">Ladies and Gentlemen:</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">The undersigned understands that you, as representatives (the &#8220;Representatives&#8221;), propose to enter into an Underwriting Agreement on behalf of
    the several Underwriters named in Schedule I to such agreement (collectively, the &#8220;Underwriters&#8221;), with Aris Water Solutions, Inc., a Delaware corporation (the &#8220;Company&#8221;), providing for a public offering of shares (the &#8220;Shares&#8221;) of Class A Common Stock
    of the Company pursuant to a Registration Statement on Form S-1 to be filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;).</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt
    and sufficiency of which is hereby acknowledged, the undersigned agrees that, without the prior written consent of the Representatives, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 180
    days after the date set forth on the final prospectus used to sell the Shares (the &#8220;Lock-Up Period&#8221;), the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any option to
    purchase, lend or otherwise dispose of any shares of Common Stock of the Company, or any options or warrants to purchase any shares of Common Stock of the Company, or any securities convertible into, exchangeable for or that represent the right to
    receive shares of Common Stock of the Company (such options, warrants or other securities, collectively, &#8220;Derivative Instruments&#8221;), including without limitation any such shares or Derivative Instruments now owned or hereafter acquired by the
    undersigned (collectively, the &#8220;Restricted Securities&#8221;), (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination
    thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the
    undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any shares of Common Stock of the Company or Derivative Instruments, whether any such
    transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock of the Company or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic
    consequences, a &#8220;Transfer&#8221;) or (iii) otherwise publicly announce any intention to engage in or cause any action or activity described in clause (i) above or transaction or arrangement described in clause (ii) above. The undersigned represents and
    warrants that the undersigned is not currently, and has not caused or directed any of its affiliates to be or become, a party to any agreement or arrangement that provides for, is designed to or which reasonably could be expected to lead to or result
    in any Transfer during the Lock-Up Period. For the avoidance of doubt, the undersigned agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the offering.</p>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or &#8220;group&#8221; (within
    the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), other than a natural person, entity or &#8220;group&#8221; (as described above) that has executed a Lock-Up Agreement in substantially the same form as this
    Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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    effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Restricted Securities, the Representatives will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the
    Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representatives
    hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer
    not for consideration or to an immediate family member as defined in FINRA Rule 5130(i)(5) and (b) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms
    remain in effect at the time of the transfer.</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">Notwithstanding the foregoing, the undersigned may transfer the undersigned&#8217;s Restricted Securities without the prior written consent of the
    Representatives:</p>
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  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in"><br>
        </td>
        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(i)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">as a <i>bona fide</i> gift or gifts or charitable contribution;</td>
      </tr>

  </table>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(ii)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or to
          a member of the undersigned&#8217;s immediate family (for purposes of this Lock-Up Agreement, &#8220;immediate family&#8221; shall mean any relationship by blood, marriage or adoption, not more remote than first cousin) or in the case of a trust, to any
          beneficiaries of the trust or to the estate of such trust;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(iii)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">as a distribution to limited partners, partners, members, stockholders, or other equityholders of the undersigned;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(iv)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">to the undersigned&#8217;s affiliates or to any investment fund or other entity controlled or managed by the undersigned;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(v)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">in an exchange of any units of Solaris Midstream Holdings, LLC (&#8220;Solaris LLC&#8221;) (or securities convertible into, exchangeable for or that represent the right to receive
          units of Solaris LLC) and a corresponding number of shares of Class B Common Stock of the Company into or for shares of Class A Common Stock (or securities convertible into, exchangeable for or that represent the right to receive shares of Class
          A Common Stock) pursuant to the Fourth Amended and Restated Limited Liability Company Agreement of Solaris LLC (the &#8220;Solaris LLC Agreement&#8221;), the distribution of units of Solaris LLC and a corresponding number of shares of Class B Common Stock of
          the Company to the members of Solaris LLC pursuant to the Closing Agreement (as defined in the Solaris LLC Agreement) or other agreements described in the final prospectus;</td>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(vi)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">in a transfer, conversion, reclassification, redemption or exchange of any securities pursuant to the reorganization transactions described in the final prospectus;</td>
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        </td>
        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(vii)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">by will, other testamentary document or intestate succession upon the death of the undersigned or for bona fide estate planning purposes;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(viii)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">by operation of law, such as pursuant to an order of a court or regulatory agency (for purposes of this Lock-Up Agreement, a &#8220;court or regulatory agency&#8221; means any
          domestic or foreign, federal, state or local government, including any political subdivision thereof, any governmental or quasi-governmental authority, department, agency or official, any court or administrative body or any national securities
          exchange or similar self-regulatory body or organization, in each case of competent jurisdiction) or pursuant to a domestic order or in connection with a divorce settlement;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(ix)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">to the Company or its subsidiaries upon exercise of any right in respect of any equity award granted under any incentive plan of the Company or other arrangement described
          in the final prospectus relating to the offering or in the exercise of outstanding options, warrants, restricted stock units or other equity interests, including the surrender of shares of Class A Common Stock in a &#8220;net&#8221; or &#8220;cashless&#8221; exercise of
          any equity award to satisfy any exercise price of tax withholding obligations;</td>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        </td>
        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(x)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">to a <i>bona fide</i> third party pursuant to a merger, consolidation, tender offer or other similar transaction made to all holders of Class A Common Stock and involving
          a change of control of the Company and approved by the Company&#8217;s board of directors, <i>provided</i>, that (i) in the event that such change of control is not completed, the undersigned&#8217;s Restricted Securities shall remain subject to the
          restrictions contained herein, and (ii) any shares of Class A Common Stock not transferred in such merger, consolidation, tender offer or similar transaction shall remain subject to the restrictions contained herein. &#8220;Change of control&#8221; shall
          mean the transfer (whether by tender offer, merger, consolation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter pursuant to the
          offering), of the Company&#8217;s voting securities if, after such transfer, such person or group of affiliated persons would hold more than 50% of the outstanding voting securities of the Company (or the surviving entity);</td>
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        </td>
        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(xi)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">acquired in open market transactions after the completion of the public offering if (a) such transfers are not required to be reported with the SEC on Form 4 in accordance
          with Section 16 of the Exchange Act and (b) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers;</td>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(xii)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv), (vii) or (viii) above;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(xiii)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">as a sale of Shares to the Underwriters pursuant to the Underwriting Agreement, and any transfer of Shares or any security convertible into or exercisable or exchangeable
          for Shares to the Company made on or about the closing date of the initial public offering (the &#8220;Public Offering&#8221;) in consideration for cash from the Company&#8217;s proceeds from the Public Offering, on the terms described in the final prospectus;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        </td>
        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(xiv)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">transfers of Shares or any security convertible into or exercisable or exchangeable for Common Stock in connection with the transactions on the terms described under
          &#8220;Corporate Reorganization&#8221; in the final prospectus prior to completion of the Public Offering; or</td>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
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        <td style="width: 0.5in; font-family: 'Times New Roman',Times,serif;">(xv)</td>
        <td style="text-align: justify; font-family: 'Times New Roman',Times,serif;">the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Shares; provided that the restrictions set forth in this Lock-Up
          Agreement shall apply in full force to any shares of Common Stock of the Company subject to such 10b5-1 plan during the Lock-Up Period.</td>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt 'Times New Roman',Times,serif;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">provided that, in the case of any transfer, donation or distribution pursuant to clauses (i), (ii), (iii) and (vii), any such transfer shall not involve a
    disposition for value, and except in the case of clause (x) and (xi), (1) such securities or any securities received in connection with any of the transactions described above remain subject to the terms of this Lock-Up Agreement or each donee,
    trustee, distributee or transferee, as the case may be, agrees in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer, (2) such
    transfers are not required to be reported with the SEC on Form 4 in accordance with Section 16 of the Exchange Act, except in the case of clauses (v) &#8211; (ix) in which case any such filing shall clearly indicate in the footnote thereto the circumstances
    of the particular transfer and (3) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">If, prior to the expiration of the Lock-Up Period, the Representatives consent at their discretion, on behalf of the Underwriters, to release
    any shares of Common Stock or Derivative Instruments held by any directors, officers, shareholders of 1.0% or more of the then outstanding shares of Common Stock of the Company that has delivered a Lock-up Agreement to the Underwriters in connection
    with the Public Offering, other than the undersigned, from the restrictions described herein (any such release being a &#8220;Triggering Release&#8221; and such party receiving such release being a &#8220;Triggering Release Party&#8221;), then a number of the Undersigned&#8217;s
    Shares subject to this Lock-Up Agreement shall also be released from the restrictions set forth herein on the same terms on a pro rata basis, such number of the Undersigned&#8217;s Shares being the total number of the Undersigned&#8217;s Shares held by the
    undersigned on the date of the Triggering Release that are subject to this agreement multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock and Derivative Instruments released pursuant to the Triggering Release
    and the denominator of which shall be the total number of shares of Common Stock and Derivative Instruments held by the Triggering Release Party on such date. Notwithstanding the foregoing, such Triggering Release shall not be applied (i) if the
    aggregate number of shares of Common Stock and Derivative Instruments affected by such discretionary release, waiver, or termination, in whole or in part, excluding any release pursuant to clause (ii) below, is less than or equal to 1.0% of the
    fully-diluted capitalization of the Company as measured as of the date of the Triggering Release; (ii) with respect to any release granted to a director or officer of the Company due to financial hardship, in any amount and subject to such terms as may
    be determined by the Representatives in their sole discretion; or (iii) in the event of any primary or secondary public offering or sale of Common Stock that is underwritten (the &#8220;Underwritten Sale&#8221;) during the Lock-Up Period in a transaction that
    complies with the terms of the Underwriting Agreement; provided that if the undersigned has a contractual right to demand or require the registration of the undersigned&#8217;s shares of Common Stock or otherwise &#8220;piggyback&#8221; on a registration statement filed
    by the Company for the offer and sale of its Common Stock, the undersigned is offered the opportunity to participate on a pro rata basis in the Underwritten Sale consistent with such contractual rights and the undersigned is released from its lockup
    restrictions set forth herein to the extent of the undersigned&#8217;s participation in such Underwritten Sale or such contractual rights are waived pursuant to the terms thereof. In the event of a Triggering Release, the Company shall use commercially
    reasonable efforts to notify the undersigned within five business days of the occurrence of such Triggering Release, which notification obligation may be satisfied by the issuance of a press release through a major news service, or on a Form 8-K,
    announcing such Triggering Release; provided that the failure by the Company to give such notice shall not give rise to any claim or liability against the Company or the Underwriters except, in respect of the Company, in the case of bad faith on the
    part of the Company. The undersigned further acknowledges that the Representatives are under no obligation to inquire into whether, or to ensure that, the Company notifies the undersigned of any such Triggering Release, which is a matter between the
    undersigned and the Company.</p>
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    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">The undersigned acknowledges and agrees that this Lock-Up Agreement and any transaction contemplated by this Lock-Up Agreement and any claim,
    controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would results in the application of any other law than
    the laws of the State of New York. The undersigned agrees that any suit or proceeding arising in respect of this Lock-Up Agreement or any transaction contemplated by this Lock-Up Agreement will be tried exclusively in the U.S. District Court for the
    Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the undersigned agrees to submit to the jurisdiction of, and to venue in, such courts. The
    undersigned now has, and, except as contemplated by clauses (i) &#8211; (xv) above, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned&#8217;s shares of Common Stock of the Company, free and clear of all liens,
    encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company&#8217;s transfer agent and registrar against the transfer of the undersigned&#8217;s shares of Common Stock of the Company
    except in compliance with the foregoing restrictions.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">&#160;</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;">The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to
    the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject
    matter hereof to the extent the undersigned has deemed appropriate. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. All authority herein conferred or agreed to be
    conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.</p>
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    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
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  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">Notwithstanding anything to the contrary herein, this Lock-Up Agreement shall lapse and become null and void and the undersigned will be released from all of his, her or its
    obligations hereunder if (i) prior to entering into the Underwriting Agreement, the Company notifies the Representatives in writing that the Company does not intend to proceed with the public offering, (ii) the Company files an application to withdraw
    the registration statement related to the public offering, (iii) the Company and the Representatives have not entered into the Underwriting Agreement on or before December 31, 2021, or (iv) for any reason the Underwriting Agreement terminates or is
    terminated prior to the First Time of Delivery (as defined therein). The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the offering. The undersigned further
    understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&#8217;s heirs, legal representatives, successors, and assigns.</p>
  <font style="font-family: 'Times New Roman',Times,serif;"> </font>
  <p style="font: 10pt 'Times New Roman',Times,serif; margin: 0pt 0px;">&#160;</p>
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        <td style="width: 50%; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="width: 50%; font-family: 'Times New Roman',Times,serif;">Very truly yours,</td>
      </tr>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="border-top: 1pt solid Black; font-family: 'Times New Roman',Times,serif;">Authorized Signature</td>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
      </tr>
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        <td style="font-family: 'Times New Roman',Times,serif;">&#160;</td>
        <td style="border-top: 1pt solid Black; font-family: 'Times New Roman',Times,serif;">Title</td>
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  <p style="margin: 0; text-align: right"><b>Exhibit 4.1</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION RIGHTS AGREEMENT</b></font></p>
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      Statement to be in the form of an Automatic Shelf Registration Statement for such purpose on Form S-3, or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all times for the public resale of
      all of the Registrable Securities until the end of the Effectiveness Period. The Resale Shelf Registration Statement shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the
      Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement, and the Company shall file with the Commission the final form of such
      Prospectus pursuant to Rule 424 (or successor thereto) under the Securities Act no later than the second Business Day after the Resale Shelf Registration Statement becomes effective. The Resale Shelf Registration Statement shall provide that the
      Registrable Securities may be sold pursuant to any method or combination of methods legally available to, and requested by, the Holders. Without limiting the foregoing, subject to any comments from the Commission, each Registration Statement filed
      pursuant to this <u>Section 2(a) </u>shall include a &#8220;plan of distribution&#8221; approved by the Initial Holders or to which the Initial Holders have not objected after reasonable advance notice.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) Registrations effected pursuant to this <u>Section 2(a)</u> shall not be counted as
      Demand Registrations effected pursuant to <u>Section 2(b)</u>.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) At any time and from time to time, any Holder shall have the option and right,
      exercisable by delivering a written notice to the Company (a &#8220;<b><u>Demand Notice</u></b>&#8221;), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, register under the Securities Act all or a
      portion of its Registrable Securities and to prepare and file with the Commission a Registration Statement, which shall include a Long-Form Registration Statement or a Short-Form Registration Statement, registering the offering and sale of the number
      and type of Registrable Securities on the terms and conditions specified in the Demand Notice (a &#8220;<b><u>Demand Registration</u></b>&#8221;); <u>provided</u> that the Company shall not be obligated to effect more than three Demand Registrations within any
      12-month period if three Demand Registrations have been declared and ordered effective during such 12-month period and the Holders of Registrable Securities are able to register and sell at least 90% of the Registrable Securities requested to be
      included in such registrations. For the avoidance of doubt, a Requested Underwritten Offering shall not be subject to the limitation on the number of Demand Registrations in the immediately preceding sentence. The Demand Notice must include such
      information regarding the Holder, the approximate number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof as shall be required to effect the
      registration of the sale of the Holder&#8217;s Registrable Securities. In the event that the Company files a Form S-1 pursuant to any Demand Registration, the Company shall use commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon
      as reasonably practicable after the Company is eligible to use Form S-3. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities of the Holders
      and their respective Affiliates to be included therein have an aggregate value, based on the VWAP as of the date of the Demand Notice, of at least $&#160;20.0&#160;million (the &#8220;<b><u>Minimum&#160;Amount</u></b>&#8221;).</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) The Company shall, subject to the limitations of this&#160;<u>Section&#160;2(b)</u>, use its
      commercially reasonable efforts to (i) prepare and file as expeditiously as possible, a Registration Statement in accordance with the terms and conditions of the Demand Notice and (ii) effect, as expeditiously as possible, the registration of all
      Registrable Securities requested by the Holders pursuant to such Demand Registration, subject to <u>Section 2(f)</u>; <u>provided</u> that if a Demand Notice is sent to the Company prior to the expiration of the Lock-Up Period, the Company shall
      not be required to make any filing of a Registration Statement prior to the expiration of the Lock-Up Period. The Company shall use its commercially reasonable efforts to cause each Registration Statement filed pursuant to any Demand Registration to
      become effective under the Securities Act as soon as reasonably practicable following the initial filing thereof and to remain effective under the Securities Act until the expiration of the Effectiveness Period for such Registration Statement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) The Company may include in the Resale Shelf Registration Statement and any Demand
      Registration other Company Securities for sale for its own account or for the account of any other Person, subject to <u>Section 2(f)</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv) A Holder may withdraw all or any portion of its Registrable Securities included in the
      Resale Registration or a Demand Registration from the registration under the Resale Registration Statement (the &#8220;<b><u>Resale Registration</u></b>&#8221;) or such Demand Registration at any time prior to the effectiveness of the applicable Registration
      Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing all of its Registrable Securities from the Demand Registration or a notice from a Holder to the effect that the Holder is withdrawing an amount
      of its Registrable Shares such that the remaining amount of Registrable Shares to be included in the Demand Registration is below the Minimum Amount, then the non-withdrawing Holders shall be permitted to include additional amounts of Registrable
      Securities in such Demand Registration, subject to <u>Section 2(f)</u>, not in the aggregate in excess of the aggregate original amount of such Demand Registration so long as such additional amounts of Registrable Securities cause such Demand
      Registration to equal or exceed the Minimum Amount; <u>provided</u> that, if after undertaking the foregoing exercise, the remaining amount of Registrable Shares to be included in the Demand Registration is still below the Minimum Amount, then the
      Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) Subject to the limitations contained in this Agreement, the Company shall effect any
      Demand Registration on such appropriate Long-Form Registration Statement or Short-Form Registration Statement (A)&#160;as shall be selected by the Company after consultation with the Initiating Holder; <u>provided</u> that the Company will use its
      commercially reasonable efforts to make Short-Form Registration Statements available for the sale of Registrable Securities whenever the Company is permitted to use any applicable short-form (unless the managing underwriters (if any) of such offering
      requests that such Demand Registration be on a Long-Form Registration Statement and (B)&#160;as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice;&#160;<u>provided</u>&#160;that


      if the Company is, at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the
      Securities Act (if available to the Company). If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities
      included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi) Without limiting&#160;<u>Section&#160;3</u>, in connection with the Resale Shelf Registration
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      certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to the Resale Registration or such Demand Registration, including under the securities laws of such jurisdictions as
      the Holders shall reasonably request;&#160;<u>provided</u>,&#160;<u>however</u>, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or
      qualification to do business in such jurisdiction solely as a result of registration and (2)&#160;such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list
      the Registrable Securities subject to the Resale Shelf Registration Statement or such Demand Registration on the Trading Market and (B)&#160;do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by
      the Holders to enable the Holders to consummate a public sale of such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <b><u>Shelf Take-Downs</u></b>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) At any time that the Resale Shelf Registration Statement is effective (subject to any
      contractual lock-up agreements then in effect), if a Holder delivers a notice to the Company (a &#8220;<b><u>Take-Down Notice</u></b>&#8221;) stating that it intends to effect an offering from any such Registration Statement (a &#8220;<b><u>Shelf Offering</u></b>&#8221;) of
      all or part of its Registrable Securities included by it on such Registration Statement, whether such offering is underwritten or non-underwritten, and stating the number of its Registrable Securities to be included in the Shelf Offering, then the
      Company shall amend or supplement such Registration Statement and take such other reasonable actions, as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account the
      inclusion of Registrable Securities pursuant to <u>Section 2(e)(ii)</u>).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) Notwithstanding anything to the contrary in this Agreement, no notice by the Company
      shall be required to be delivered to any other Holders in accordance with <u>Section 2(e)</u> in connection with any Take-Down Notice indicating that the Holder that delivered such Take-Down Notice intends to engage in a Non-Underwritten Block
      Trade. If the Company shall receive a request from any Holder that such Holder wishes to effect a Non-Underwritten Block Trade, then the Company shall, as expeditiously as possible, use commercially reasonable efforts to facilitate the offering of
      such Registrable Securities for which such requesting Holder has requested in such Non-Underwritten Block Trade. Such commercially reasonable efforts shall include, without limitation, to the extent reasonably requested, obtaining so-called &#8220;comfort
      letters&#8221; from the Company&#8217;s independent public accountants and legal opinions of counsel to the Company, in customary form and covering such matters as are customarily covered by such letters and opinions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;<b><u>Requested Underwritten Offering</u></b>. Any Holder then able to effectuate a
      Demand Registration pursuant to the terms of&#160;<u>Section&#160;2(b)</u>, or any Holder who has previously effectuated a Demand Registration pursuant to&#160;<u>Section&#160;2(b)</u>&#160;but has not engaged in an Underwritten Offering in respect of such Demand
      Registration or any Holder then able to effectuate a Shelf Offering, in each case, shall have the option and right, exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an
      Underwritten Offering (an &#8220;<b><u>Underwritten Offering Notice</u></b>&#8221;), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by
      means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a &#8220;<b><u>Requested Underwritten Offering</u></b>&#8221;);&#160;<u>provided </u>that if the
      Requested Underwritten Offering (i) is pursuant to a new Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value of at least equal to 50%
      of the Minimum Amount as of the date of such Underwritten Offering Notice and Registrable Securities including pursuant to <u>Section 2(e)(ii)</u> are reasonably expected to result in such Requested Underwritten Offering having an aggregate value at
      least equal to the Minimum Amount, and (ii) is pursuant to a Shelf Offering, then the Registrable Securities requested to be included in such Requested Underwritten Offering (including any Registrable Securities included pursuant to <u>Section
        2(e)(ii)</u>) is reasonably expected to result in aggregate gross proceeds in excess of $10.0 million. The Underwritten Offering Notice must set forth the number of Registrable Securities that the Holder intends to include in such Requested
      Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten Offering shall be designated and selected by the Initiating Holders that is selling more than 50% of Registrable Securities included in the
      applicable Requested Underwritten Offering, subject to the Company&#8217;s approval which shall not be unreasonably withheld, conditioned or delayed;&#160;<u>provided</u>,&#160;<u>however</u>, if no Initial Holder is selling more than 50% of the Registrable
      Securities in such a Requested Underwritten Offering, then such Initial Holders shall collaborate and jointly designated and select the underwriter. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten
      Offering that would launch within 60&#160;days after the closing of an Underwritten Offering.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;<b><u>Piggyback Registration and Piggyback Underwritten Offering</u></b>.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) If the Company shall at any time propose to file a registration statement under the
      Securities Act with respect to an offering of Class&#160;A Common Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend
      reinvestment plan), whether or not for its own account (including pursuant to any Demand Registration), then the Company shall promptly notify in writing all Holders of its intention to effect such a registration (the &#8220;<b><u>Piggyback Registration
          Notice</u></b>&#8221;). The Piggyback Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a &#8220;<b><u>Piggyback
          Registration</u></b>&#8221;). Subject to the last sentence of this <u>Section 2(e)(i)</u> and <u>Section 2(f)</u>, the Company shall include in such Piggyback Registration such Registrable Securities for which the Company has received written
      requests for inclusion therein (&#8220;<b><u>Piggyback Registration Request</u></b>&#8221;) within the five Business Days after sending the Piggyback Registration Notice. Each Holder shall be permitted to withdraw all or part of such Holder&#8217;s Registrable
      Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; <u>provided</u> that (A)&#160;such request must be made in writing prior to the effectiveness of such registration statement and (B)&#160;such
      withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to
      have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Class&#160;A Common Stock, all upon the terms and conditions set forth
      herein.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall have the right to terminate or withdraw any Piggyback Registration
      initiated by it for its own account under this Section 2(e) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses and Selling Expenses of
      such withdrawn registration shall be borne by, and the Company shall pay, all Registrations Expenses and Selling Expenses incurred in connection with such Piggyback Registration. Further, the Registration Expenses of the Holders shall be paid by the
      Company in all such Piggyback Registrations, whether or not any such Piggyback Registration becomes effective.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 79.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) If the Company shall at any time propose to conduct an Underwritten Offering, whether
      or not for its own account (including any Requested Underwritten Offering), then the Company shall promptly notify in writing all Holders of such proposal reasonably in advance of the commencement of the offering, which notice shall set forth the
      principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Class&#160;A Common Stock
      that are proposed to be registered (the &#8220;<b><u>Underwritten Offering Piggyback Notice</u></b>&#8221;). Receipt of any Underwritten Offering Piggyback Notice required to be provided in this&#160;<u>Section&#160;2(e)(ii)</u>&#160;to Holders shall be confirmed and kept
      confidential by the Holder until such proposed Underwritten Offering is (i)&#160;publicly announced or (ii)&#160;such Holder receives notice that such proposed Underwritten Offering has been abandoned, which such notice shall be provided promptly by the
      Company to each Holder. The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related Registration Statement filing or preliminary prospectus supplement or prospectus
      supplement filing) the number of Registrable Securities as they may request in writing (an &#8220;<b><u>Underwritten Piggyback Offering</u></b>&#8221;). The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering
      such Registrable Securities for which the Company has received written requests for inclusion therein (&#8220;<b><u>Underwritten Offering Piggyback Request</u></b>&#8221;) within the two Business Days after sending the Underwritten Offering Piggyback Notice.
      Each Holder shall be permitted to withdraw all or part of such Holder&#8217;s Registrable Securities from an Underwritten Piggyback Offering at any time immediately prior to the time of pricing of the Underwritten Piggyback Offering and, thereafter, if a
      Holder disapproves of the terms of any such Piggyback Underwritten Offering (including the price and timing of such Piggyback Underwritten Offering) prior to the commencement of any such Underwritten Piggyback Offering, and nothing herein shall grant
      the Company any power of attorney with respect thereto and each Holder retains the rights to except the terms of any such Piggyback Underwritten Offering prior to its commencement. Such Holder shall continue to have the right to include any
      Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#160;<b><u>Priority in Registrations</u></b>. If the managing underwriter or managing
      underwriters of an Underwritten Offering advise the Company and the Holders in writing, based on prevailing market precedents and public investor interactions that the inclusion of all of the Holders&#8217; Registrable Securities requested for inclusion in
      the subject Underwritten Offering (and any related registration, if applicable) (and any other Class&#160;A Common Stock proposed to be included in such offering) exceeds the maximum number that can be included without materially and adversely affecting
      the marketability of the securities offered, the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of shares of Class&#160;A Common Stock proposed to be included in such Underwritten
      Offering (and any related registration, if applicable) that, in the written opinion of the managing underwriter or managing underwriters, will not have such material and adverse effect, with such number to be allocated as follows: (A)&#160;in the case of
      a Requested Underwritten Offering or Demand Registration or Shelf Offering that is otherwise an Underwritten Offering, (1)&#160;first, pro rata among all Holders that have requested to include Registrable Securities in such Underwritten Offering based on
      the relative number of Registrable Securities then held by each such Holder, (2)&#160;second, if there remains availability for additional shares of Class&#160;A Common Stock to be included in such Underwritten Offering, to the Company, and (3)&#160;third, if there
      remains availability for additional shares of Class&#160;A Common Stock to be included in such Underwritten Offering, to any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of
      Class&#160;A Common Stock then held by each such holder; and (B)&#160;in the case of any other Underwritten Offerings, (x)&#160;first, to the Company, (y)&#160;second, if there remains availability for additional shares of Class&#160;A Common Stock to be included in such
      Underwritten Offering, pro rata among all Holders desiring to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, and (z)&#160;third, if there remains
      availability for additional shares of Class&#160;A Common Stock to be included in such registration, pro rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Class&#160;A Common
      Stock then held by each such holder; <u>provided</u> that, if any Management Shareholder proposes to include in the subject Underwritten Offering over 50% of the Registrable Securities held by such Management Shareholder as of the date of such
      Underwritten Offering and the managing underwriter(s) of such Underwritten Offering advise the Company and the Holders in writing, based on prevailing market precedents and public investor interactions, that participation in the Underwritten Offering
      by such Management Shareholder at the level proposed would materially and adversely affect the marketability of the securities offered, then Registrable Securities proposed to be included in such Underwritten Offering in excess of 50% of the
      Registrable Securities held by such Management Shareholder as of the date of such Underwritten Offering may be excluded from such offering below the proposed level, even if such exclusion would not treat such Management Shareholder on a pro rata
      basis. If any Holder disapproves of the terms of any such Underwritten Offering (including the price and timing of such Underwritten Offering), such Holder may elect to withdraw therefrom by written notice to the Company and the managing
      underwriter(s) delivered prior to the time of the pricing of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <b><u>Opt-Out Notices</u></b>. Any Holder may deliver written notice (an &#8220;<b><u>Opt-Out
          Notice</u></b>&#8221;) to the Company requesting that such Holder not receive notice from the Company of the proposed filing of any Underwritten Offering (including any Underwritten Piggyback Offering), the withdrawal of any Underwritten Offering
      (including any Underwritten Piggyback Offering) or any event that would lead to a Blackout Period as contemplated by <u>Section&#160;3(o)</u>; <u>provided</u>, <u>however</u>, that such Holder may later revoke any such Opt-Out Notice in writing.
      Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not deliver to such Holder any notice that would otherwise be required to be delivered pursuant to this <u>Section 2</u>. In the event such Holder
      revokes its Opt-Out Notice in writing and a notice of a Blackout Period was previously delivered (or would have been delivered but for the provisions of this <u>Section 2(g)</u>) and the Blackout Period remains in effect, the Company will so notify
      such Holder promptly by delivering to such Holder a copy of such previous notice of such Blackout Period, and thereafter will provide such Holder with the related notice of the conclusion of such Blackout Period as soon as reasonably practicable upon
      its availability.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the other procedures and matters set forth in this Agreement, the procedures
      to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation,
      filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, Demand Registration or Shelf Offering are as follows:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The Company will, within a reasonable period prior to, and in any event with respect to
      each of the Major Shareholders at least two (2) Business Days prior to, the anticipated filing of any Registration Statement and any related Prospectus or any amendment or supplement thereto relating to any Registrable Securities (other than, after
      effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration Statement), (i)&#160;furnish to such Holders copies of all such documents prior to filing and (ii)&#160;use commercially
      reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders or their respective counsel reasonably shall propose prior to the filing thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The Company will use commercially reasonable efforts to promptly (i)&#160;prepare and file
      with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration Statement
      continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional
      Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii)&#160;cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so
      supplemented or amended to be filed pursuant to Rule 424; and (iii)&#160;respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as practicable provide such Holders true
      and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would result in the disclosure to such Holders of material
      and non-public information concerning the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) The Company will use its commercially reasonable efforts to comply with the provisions,
      rules and regulations of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement until such time as all of such securities have been
      disposed of in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company&#8217;s
      first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and the rules thereunder (including Rule 158 under the Securities Act).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) The Company will use its commercially reasonably efforts to ensure that (i) any
      prospectus or free writing prospectus (when taken together with the Registration Statement and prospectus and the documents incorporated by reference therein) utilized in connection with any Registration Statement or registration or offering
      hereunder (A) complies in all material respects with the applicable requirements under the Securities Act, (B) is filed in accordance with the Securities Act to the extent required thereby and is retained in accordance with the Securities Act to the
      extent required thereby, and (C) will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading, and (ii) any registration statement filed and effective in connection with any Registration Statement or registration or offering hereunder, when taken together with the related prospectus (including the
      documents incorporated by reference therein), at the time of its effectiveness under the Securities Act, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
      the statements therein not misleading.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) The Company will notify such Holders who are included in a Registration Statement:
      (i)&#160;(A)&#160;when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B)&#160;when the Commission notifies the Company whether there will be a &#8220;review&#8221; of the
      applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that
      pertain to such Holders as selling stockholders); and (C)&#160;with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii)&#160;of any request by the Commission or any other
      federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii)&#160;of the issuance by the
      Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv)&#160;of the receipt by the Company of any notification
      with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v)&#160;of the occurrence of
      any event or passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to
      such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact
      required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (<u>provided</u>,&#160;<u>however</u>, that no notice by the Company shall be required pursuant to this
      clause&#160;(v) in the event that the Company either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which in either
      case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) The Company will use commercially reasonable efforts to avoid the issuance of or, if
      issued, obtain the withdrawal of (i)&#160;any order suspending the effectiveness of a Registration Statement, or (ii)&#160;any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction,
      as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) During the Effectiveness Period, the Company will furnish to each such Holder, without
      charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the
      Commission;&#160;<u>provided</u>, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission&#8217;s EDGAR system, and, during the term of this Agreement, such other documents as such Holder
      may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) The Company will promptly deliver to each Holder, without charge, as many copies of
      each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Effectiveness Period.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) The Company will cause all such Registrable Securities to be listed or quoted on each
      securities exchange on which similar securities issued by the Company are then listed or quoted or, if no Registrable Securities or similar securities are then so listed, use commercially reasonable efforts to, either, at the Company&#8217;s election, (i)
      cause all such Registrable Securities to be listed on a national securities exchange or (ii) to arrange for at least two (2) market makers to register as such with respect to such shares with FINRA.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) The Company will provide a transfer agent and registrar for all such Registrable
      Securities not later than the effective date of the Registration Statement. The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a
      transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange Act or other
      applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing. In connection therewith, if required by the Company&#8217;s transfer agent, the
      Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer agent, together with any other
      authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities under the
      Registration Statement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) Upon the occurrence of any event contemplated by&#160;<u>Section&#160;3(e)(v)</u>, the Company
      will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
      therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated
      therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l) With respect to Underwritten Offerings, (i)&#160;the right of any Holder to include such
      Holder&#8217;s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder&#8217;s participation in such underwriting and the inclusion of such Holder&#8217;s Registrable Securities in the underwriting to the extent provided herein,
      (ii)&#160;each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder&#8217;s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons
      entitled to select the managing underwriter or managing underwriters hereunder and (iii)&#160;each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting
      agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements; <u>provided</u> that no such Person shall be required to undertaken any indemnification obligations to the Company that are
      materially more burdensome than those provided in <u>Section 6</u>. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all
      indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor &#8220;comfort&#8221; letters. In
      the case of an Underwritten Offering initiated in response to a Demand Registration or Shelf Offering (including a Requested Underwritten Offering), the price, underwriting discount and other financial terms shall be determined by the Holders of a
      majority of the Registrable Securities included in the Demand Registration or Shelf Offering. Notwithstanding the foregoing, if, in connection with any Underwritten Offering, the managing underwriter requests that any Holder enter into any lock-up
      agreement, (A) no Holder who is not participating in the Underwritten Offering shall be required to enter into such lock-up agreement unless all Holders of greater than 5% of the outstanding Common Stock and all directors and executive officers of
      the Company are subject to substantially the same restrictions and (B) in the event that the managing underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining to any other
      Holder, the other Holders party to such lock-up agreements shall be released from any lock-up agreement to the same extent as such other Holder.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) In the case of an Underwritten Offering, the Company shall use its commercially
      reasonable efforts to cause its directors and executive officers to enter into a customary lockup agreement if requested by the underwriters managing the offering providing that such directors and executive officers will not effect any sale, transfer
      or distribution of Company equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such securities during a specified period of time, in each case subject to carve-outs and exceptions as acceptable
      by the underwriters managing the offering; <u>provided </u>that such lockup agreement shall not be more restrictive than the lockup agreement delivered by the Initial Holders to the underwriters. In addition, the Company shall enter into a
      customary lockup agreement if requested by the underwriters managing the offering providing that the Company shall not file any registration statement for a public offering or cause any such registration statement to become effective, or effect any
      public sale or distribution of its equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such securities during the foregoing period, in each case subject to carve-outs and exceptions as
      acceptable by the underwriters managing the offering.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n) For a reasonable period prior to the filing of any Registration Statement and
      throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company&#8217;s principal place of business or such other reasonable place, for inspection during normal business hours by a representative or
      representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the
      Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in
      such counsel&#8217;s reasonable belief) to conduct a reasonable investigation within the meaning of Section&#160;11 of the Securities Act;&#160;<u>provided</u>,&#160;<u>however</u>, that any information that is not generally publicly available at the time of delivery of
      such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the
      Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o) Notwithstanding any other provision of this Agreement, the Company shall not be
      required to file a Registration Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be
      entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 days if (i)&#160;the Board determines such registration would render the Company unable to comply with applicable securities
      laws, (ii)&#160;the Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (iii) the Board determines such registration is reasonably likely
      to adversely affect any material financing, acquisition, corporate reorganization or merger or other material transaction or event involving the Company or otherwise have a material adverse effect on the Company (any such period, a &#8220;<b><u>Blackout
          Period</u></b>&#8221;). Notwithstanding anything to the contrary in this Agreement, in no event shall any Blackout Periods and any Suspension Periods continue for more than 90 days in the aggregate during any 365-day period.</font></p>
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      distribution for the Registrable Securities; <u>provided </u>that, beginning after the date that is the one-year anniversary of the Company&#8217;s consummation of its initial public offering, the executive officers of the Company shall not be obligated
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      including, with respect to the number of Registrable Securities being sold by such holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten
      offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus
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      as the holder of any securities of the Company and if in such holder&#8217;s sole and exclusive judgment, such holder is or might be deemed to be an underwriter or a controlling person of the Company, such holder shall have the right to (i) require the
      insertion therein of language, in form and substance satisfactory to such holder and presented to the Company in writing, to the effect that the holding by such holder of such securities is not to be construed as a recommendation by such holder of
      the investment quality of the Company&#8217;s securities covered thereby and that such holding does not imply that such holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such holder
      by name or otherwise is not required by the Securities Act or any similar federal statute then in force, require the deletion of the reference to such holder; <u>provided</u> that with respect to this clause (ii), if requested by the Company, such
      holder shall furnish to the Company an opinion of counsel to such effect, which opinion and counsel shall be reasonably satisfactory to the Company.</font></p>
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      Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee
      to offer and sell such Registrable Securities pursuant to such Registration Statement; <u>provided</u> that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration
      Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from all Persons for whom Registrable Securities have been registered on
      (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder.</font></p>
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      into any such agreement shall require the prior written consent of Holders that hold a majority of the Registrable Securities as of such time.</font></p>
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      Demand Registration, any Shelf Registration Statement (including the Resale Shelf Registration Statement, Shelf Offering, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling
      Expenses), whether or not the applicable Registration Statement becomes effective and whether or not any Registrable Securities are sold pursuant to the applicable Registration Statement, as well as all expenses incurred in performing or complying
      with the Company&#8217;s other obligations under this Agreement, shall be borne by the Company. &#8220;<b><u>Registration Expenses</u></b>&#8221; shall include, without limitation, (i)&#160;all registration and filing fees (including fees and expenses (A)&#160;with respect to
      filings required to be made with the Trading Market and (B)&#160;in compliance with applicable state securities or &#8220;Blue Sky&#8221; laws), (ii)&#160;printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if
      the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iii)&#160;messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors and accountants for
      the Company, (v)&#160;Securities Act liability insurance, if the Company so desires such insurance, (vi)&#160;fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement,
      and (vii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a &#8220;road show.&#8221;</font></p>
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      Expenses attributable to the securities it sells for its own account. The Selling Expenses of any Holder shall be borne by the applicable Holder participating in any Demand Registration, any Shelf Registration Statement (including the Resale Shelf
      Registration Statement) Shelf Offering, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering; <u>provided</u>, <u>however</u>, that the Company shall pay the reasonable fees and disbursements of one counsel for
      the Holders, up to an aggregate amount in each instance of $100,000, as well as the reasonable fees and disbursements of up to one additional counsel retained by any Major Shareholder who holds Registrable Securities solely for the purpose of
      rendering a legal opinion on behalf of such Major Shareholder in connection with an Underwritten Offering or any offering where the underwriter(s) or broker dealer(s) request an opinion covering such Major Shareholder, up to an aggregate amount in
      each instance of $25,000 for the reasonable fees and disbursement of each such additional counsel. In addition, the Company shall be responsible for all of its own expenses incurred on its behalf in connection with the preparation of this Agreement
      (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties and fees of counsel to the Company), and each Holder shall be responsible for all of its own
      expenses incurred on its behalf in connection with the preparation of this Agreement (including fees of counsel to such Holder).</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of
      their respective officers, employees and directors and any agent or representative thereof (collectively, &#8220;<b><u>Holder Indemnified Persons</u></b>&#8221;), to the fullest extent permitted by applicable law, from and against any and all losses, claims,
      damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable attorneys&#8217; fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands,
      actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise
      (collectively, &#8220;<b><u>Losses</u></b>&#8221;), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any
      preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the
      Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a
      material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading;&#160;<u>provided</u>,&#160;<u>however</u>, that the Company shall not be liable to any
      Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final
      prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person specifically for use in the preparation
      thereof. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to
      any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities
      by such Holder. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) in such form as shall be
      reasonably acceptable to such underwriters. Notwithstanding anything to the contrary herein, the indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights to indemnification or
      contribution which any indemnified party may have pursuant to law or contract and will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director, employee, agent,
      each Person who participates as an underwriter in the offering or sale of securities or controlling Person of such indemnified party, and this <u>Section 6 </u>shall survive any termination or expiration of this Agreement indefinitely.</font></p>
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      Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, employees directors and any agent or representative thereof, to the fullest extent permitted by applicable law,
      from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date
      of such Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out
      of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not
      misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability
      such Holder may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder under such indemnification
      obligation be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation.</font></p>
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      to the indemnifying party of any claim with respect to which it seeks indemnification and (ii)&#160;unless in such indemnified party&#8217;s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to
      such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
      made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses
      of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable
      defenses available to such indemnified party that are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its
      obligations hereunder.</font></p>
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      competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law
      contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other,
      in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
      and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
      indemnifying party or by the indemnified party and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission;&#160;<u>provided</u> that in no event shall any contribution by a Holder
      hereunder exceed the net proceeds from the offering received by such Holder. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
      guilty of fraudulent misrepresentation.</font></p>
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      has filed a Registration Statement with the Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall use it reasonable best efforts to (i) timely file the reports required to be filed by it under the
      Exchange Act or the Securities Act (including the reports under Sections&#160;13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144) to the extent required from time to time to enable Holders to sell Registrable Securities
      without registration under the Securities Act pursuant to Rule 144, (ii) cooperate with the Holders to cause the transfer agent to remove any restrictive legend on certificates evidencing Registrable Securities in connection with any proposed sale
      pursuant to Rule 144, and (iii) cooperate with any Holder and take such further actions as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under
      the Securities Act within the limitations of the exemption provided by Rule 144. In furtherance of the foregoing, so long as any party hereto owns any Registrable Securities, the Company will furnish to such Person forthwith upon reasonable request a
      written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time commencing ninety (90) days after the effective date of the first registration filed by the Company for an offering of the Company&#8217;s
      securities to the general public), the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act).</font></p>
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      Agreement with respect to all or any portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend
      or other distribution with respect to, in exchange for or in replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities;&#160;<u>provided</u>&#160;(i)&#160;the Company is, within a reasonable time after such transfer,
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      Manhattan in the City of New York and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated
      hereby. Service of process in connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><b>FOURTH AMENDED AND RESTATED</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">THE LIMITED LIABILITY COMPANY INTERESTS IN SOLARIS MIDSTREAM HOLDINGS, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
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        <td style="vertical-align: top; width: 14%">&#160;</td>
        <td style="vertical-align: top; width: 1%">&#160;</td>
        <td style="vertical-align: top; width: 79%">&#160;</td>
        <td style="vertical-align: top; width: 1%; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; width: 5%; text-align: right"><b>Page</b></td>
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        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
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        <td style="vertical-align: top; padding-left: 8.65pt">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">15</font></td>
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        <td colspan="3" style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; padding-left: 8.65pt">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">16</font></td>
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        <td colspan="3" style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; padding-left: 8.65pt">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
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        <td colspan="3" style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
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        <td style="vertical-align: top">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
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        <td style="vertical-align: top; padding-left: 8.65pt">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">36</font></td>
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        <td colspan="3" style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">36</font></td>
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        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">36</font></td>
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        <td style="vertical-align: top">&#160;</td>
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        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">37</font></td>
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        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">38</font></td>
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        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top; text-align: right">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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        <td style="vertical-align: bottom; text-align: right"><font style="font-size: 10pt">41</font></td>
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        <td style="vertical-align: bottom; text-align: right">&#160;</td>
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    20,297,500 shares of Class A Common Stock to the public for cash in the initial underwritten public offering of shares of its stock (the &#8220;<b>IPO</b>&#8221;);</p>
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    good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article I</b></font><br>
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    <font style="text-transform: uppercase"><b>DEFINITIONS</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 1.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Definitions</u></b>. As used in this Agreement and the Schedules and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#8220;<b><u>Act</u></b>&#8221; means the Delaware Limited Liability Company Act, 6 Del. C. &#167; 18-101, et seq., as
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#8220;<b><u>Adjusted Capital Account Deficit</u></b>&#8221; means the deficit balance, if any, in such Member&#8217;s Capital
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections
          1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and</td>
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  </table>
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        <td>debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).</td>
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    covering trading in the Company&#8217;s securities to which the applicable Redeeming Member is subject (or will be subject at such time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares
    of Class A Common Stock to be delivered to such Redeeming Member in connection with a settlement of shares in Class A Common Stock under this Agreement pursuant to a Redemption.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#8220;<b><u>Capital Contribution</u></b>&#8221; means, with respect to any Member, the amount of cash and the initial
    Gross Asset Value of any property (other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member&#8217;s Units to the
    extent that such Capital Contribution was made in respect of Units Transferred to such Member.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#8220;<b><u>Cash Election</u></b>&#8221; is defined in <u>Section 4.6(a)(iii)</u> and shall also include PubCo&#8217;s
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    Redemption if a Cash Election had not been made and (B) the average of the volume-weighted closing price for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A
    Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the ten (10) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and
    equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock; and (ii) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system,
    an amount of cash equal to the product of (A) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (B) the fair market value of one share of Class A Common Stock, as
    determined by the Managing Member in good faith (through its board of directors by a majority of its independent directors (within the meaning of the rules of the New York Stock Exchange)), that would be obtained in an arms-length transaction between
    an informed and willing buyer and an informed and willing seller, with neither party having any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller.</p>
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    Class A Common Stock or into which the Class A Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.</p>
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    Class B Common Stock or into which the Class B Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.</p>
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    for U.S. federal income tax purposes at the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or
    other cost recovery deduction for such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; <i>provided</i>, <i>however</i>, that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such
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    similar Person, any and all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such
    units, interests, rights or other ownership interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or
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    the Managing Member after taking into account such factors as the Managing Member in its good faith judgment shall deem appropriate, including the amount which the Company would receive in an all-cash sale of such asset in an arms-length transaction
    with a willing unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after
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    foreign or other government, governmental, stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.</p>
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        <td>the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset as of the date of such contribution;</td>
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        <td>the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing
          Member in exchange for more than a <i>de minimis </i>Capital Contribution to the Company or in exchange for the performance of more than a <i>de minimis </i>amount of services to or for the benefit of the Company; (ii) the distribution by the
          Company to a Member of more than a <i>de minimis </i>amount of Company assets as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(<i>g</i>)(1),


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          that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the
          Company. If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations
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        <td>the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset on the date of such distribution;</td>
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        <td>the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are
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          that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Managing Member determines that an adjustment pursuant to subsection (b) of this definition is necessary or appropriate in
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        <td>if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to subsections <u>(a)</u>, <u>(b) or (d) </u>of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#8220;<b><u>Indebtedness</u></b>&#8221; means (a) all indebtedness for borrowed money (including capitalized lease
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    agreements relating to the borrowing of money or extension of credit.</p>
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    shall be more than ten Business Days after the Redemption Notice Date (unless and to the extent that the Managing Member in its sole discretion agrees in writing to waive such time periods), or (b) such later date (i) specified in the Redemption Notice
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    (legal or beneficial) in any Member if the assets of such Member primarily consist of Units. The terms &#8220;Transferee,&#8221; &#8220;Transferor,&#8221; &#8220;Transferred,&#8221; and other forms of the word &#8220;Transfer&#8221; shall have the correlative meanings.</p>
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  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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    with the Secretary of State of the State of Delaware in accordance with the Act. The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action as is appropriate to comply with the
    requirements of Law for the formation or operation of a limited liability company in Delaware and in all states and counties where the Company may conduct its business.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 2.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Name</u></b>. The name of the Company is &#8220;SOLARIS MIDSTREAM HOLDINGS,
    LLC&#8221; and all business of the Company shall be conducted in such name or, in the discretion of the Managing Member, under any other name.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 2.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Registered Office</u>; <u>Registered Agent</u></b>. The registered
    office of the Company in the State of Delaware is the initial registered office designated in the Certificate of Formation or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to
    time in the manner provided by law. The registered agent of the Company in the State of Delaware is the initial registered agent designated in the Certificate of Formation, or such other Person or Persons as the Managing Member may designate from time
    to time in the manner provided by law.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 2.5&#160;&#160;&#160;&#160;&#160;</font><b><u>Principal Place of Business</u></b>. The principal place of business of
    the Company shall be located in such place as is determined by the Managing Member from time to time.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 2.6&#160;&#160;&#160;&#160;&#160;</font><b><u>Purpose</u>; <u>Powers</u></b>. The nature of the business or purposes
    to be conducted or promoted by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act. The Company shall have the power and authority to take any and all actions and engage in any and
    all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment of the foregoing purpose.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 2.7&#160;&#160;&#160;&#160;&#160;</font><b><u>Term</u></b>. The term of the Company commenced on the date of filing
    of the Certificate of Formation of the Company with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved and its affairs wound up only in accordance with
    <u>Article XI</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 2.8&#160;&#160;&#160;&#160;&#160;</font><b><u>Intent</u></b>. It is the intent of the Members that the Company be
    operated in a manner consistent with its treatment as a &#8220;partnership&#8221; for U.S. federal and state income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a &#8220;partnership&#8221; for purposes of Section 303 of the
    Federal Bankruptcy Code. Neither the Company nor any Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this <u>Section 2.8</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article III</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>CLOSING TRANSACTIONS</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 3.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Recapitalization Transactions</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Effective immediately prior to the Effective Time, (i) the Existing LLC Agreement shall be amended and restated and this Agreement shall be adopted and (ii) all of the membership interests in the Company prior to the adoption of this Agreement
          shall be recapitalized to consist solely of a single class of Units with the rights and privileges as set forth in this Agreement. The number of Units owned by each Member (other than PubCo) shall be determined within 20 calendar days following
          the closing of the IPO as set forth on <u>Exhibit B</u> hereto, which shall be effective as of the Effective Time.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Immediately following the closing of the IPO (including the closing of the Option), PubCo shall contribute to the Company all of the net proceeds received by PubCo in connection with such closing and 33,202,500 shares of Class B Common Stock
          (the &#8220;<b><u>Initial B Shares</u></b>&#8221;) in exchange for the issuance of 20,297,500 Units.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Pursuant to the terms of <u>Exhibit B</u> hereto and within three Business Days following the closing of the IPO, the Company shall distribute to the applicable Members an aggregate amount of cash equal to 17,353,382 times the initial public
          offering price per share of Class A Common Stock after allocable underwriting discounts and commissions (net of expenses that the underwriters agreed to reimburse PubCo in connection with the IPO), reduced by the Merger Consideration (as defined
          in <u>Exhibit B</u> hereto) payable to certain former Members (as defined in the Existing LLC Agreement).</td>
      </tr>

  </table>
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  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Pursuant to the terms of <u>Exhibit B</u> hereto and within 20 calendar days following the closing of the IPO (including the closing of the Option), (i) the Company shall distribute to each of the Members (other than PubCo) in accordance with
          the number of Units owned by each Member, the Initial B Shares, which will have been held by the Company for the benefit of such Members and (ii) PubCo shall take all actions necessary to cause the stock records of the Class B Common Stock to be
          held on the books and records of the Transfer Agent.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>The parties agree that for administrative convenience, in connection with the recapitalization of the Company in <u>Section 3.1(a)</u>, the Members immediately prior to the Effective Time will receive a number of Units and the right to receive
          the distribution of cash set forth in <u>Section 3.1(c)</u> and <u>Exhibit B</u> hereto in lieu of receiving additional Units and shares of Class B Common Stock. For U.S. federal income (and applicable state and local) tax purposes, each
          Member, the Company and PubCo, each agrees to treat the recapitalization in <u>Section 3.1(a)</u>, the contribution in <u>Section 3.1(b)</u> and the related distribution in <u>Section 3.1(c)</u>, together as a sale of the foregone additional
          Units by the relevant Member to PubCo in exchange for cash.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article IV</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 4.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Authorized Units</u>; <u>General Provisions With Respect to Units</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity Securities as the Managing Member shall determine in accordance with <u>Section 4.3</u>; solely
          to the extent they are in the aggregate substantially equivalent to a class of common stock of PubCo or class or series of preferred stock of PubCo, respectively; provided that, notwithstanding anything to the contrary in this Agreement, as long
          as there are any Members of the Company (other than PubCo), then no such new class or series of Units or Equity Securities may deprive such Members of, or dilute or reduce, the pro rata share of all Interests they would have received or to which
          they would have been entitled if such new class or series of Units or Equity Securities had not been created except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a Fair
          Market Value in an aggregate amount, equal to the pro rata share allocated to such new class or series of Units or Equity Securities and the number thereof issued by the Company. Each authorized Unit may be issued pursuant to such agreements as
          the Managing Member shall approve, including pursuant to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company.</td>
      </tr>

  </table>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Each outstanding Unit shall be identical (except as provided in <u>Section 4.3</u>).</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Initially, none of the Units will be represented by certificates. If the Managing Member determines that it is in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units will be
          represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform Commercial Code. Nothing contained in this <u>Section 4.1(c)</u> shall be
          deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>The total number of Units issued and outstanding and held by the Members is set forth on <u>Exhibit A</u> (as amended from time to time in accordance with the terms of this Agreement) as of the date set forth therein.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>If, at any time after the Effective Time, PubCo issues a share of its Class A Common Stock or any other Equity Security of PubCo (other than shares of Class B Common Stock), (i) the Company shall concurrently issue to PubCo one Unit (if PubCo
          issues a share of Class A Common Stock), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Common Stock) corresponding to the Equity Securities issued by PubCo, and with substantially the same
          rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of PubCo to be issued and (ii) PubCo shall concurrently contribute to the Company the net proceeds or
          other property received by PubCo for such share of Class A Common Stock or other Equity Security; <i>provided</i>, <i>however</i>, that if PubCo issues any shares of Class A Common Stock in order to acquire or fund the acquisition from a Member
          (other than PubCo) of a number of Units (and shares of Class B Common Stock) equal to the number of shares of Class A Common Stock so issued, then the Company shall not issue any new Units in connection therewith and, where such shares of Class A
          Common Stock have been issued for cash to fund an acquisition, PubCo shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred to such Member as consideration for such acquisition.
          Notwithstanding the foregoing, this <u>Section 4.1(e)</u> shall not apply to the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity Securities of PubCo under a &#8220;poison pill&#8221; or similar shareholders
          rights plan (and upon any redemption of Units for Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right under such plan), or to the issuance under PubCo&#8217;s employee benefit plans of any warrants,
          options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in
          connection with the exercise or settlement of such rights, warrants, options or other rights or property. Except pursuant to <u>Section 4.6</u>, (x) the Company may not issue any additional Units to PubCo or any of its Subsidiaries unless
          substantially simultaneously therewith PubCo or such Subsidiary issues or sells an equal number of newly-issued shares of PubCo&#8217;s Class A Common Stock to another Person, and (y) the Company may not issue any other Equity Securities of the Company
          to PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary issues or sells, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo or such Subsidiary
          with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company. If at any time PubCo or any of its Subsidiaries (other than
          the Company and its Subsidiaries) issues Debt Securities, PubCo or such Subsidiary shall transfer to the Company (in a manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by PubCo or such Subsidiary
          in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities. In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a
          result, any shares of Class A Common Stock or other Equity Securities of PubCo are issued, (1) the corresponding Equity Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent
          number of Units or other Equity Securities of the Company shall be issued to PubCo as contemplated by the first sentence of this <u>Section 4.1(e)</u>, and (2) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo
          from any such exercise.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(f)</font></td>
        <td>PubCo or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares of Class A Common Stock (including upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Company
          redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases
          or otherwise acquires from PubCo or such Subsidiary an equal number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon
          liquidation) and other economic rights as those of such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to <u>Section 4.6</u>, any Units from PubCo or
          any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders thereof, or (y) any
          other Equity Securities of the Company from PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity
          Securities of PubCo of a corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities of PubCo.
          Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of PubCo or any of its Subsidiaries consists (in
          whole or in part) of shares of Class A Common Stock or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding
          Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.</td>
      </tr>

  </table>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(g)</font></td>
        <td>The Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of
          the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock, with corresponding changes made with respect to any other exchangeable or convertible securities. PubCo
          shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the
          outstanding PubCo Common Stock unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable or convertible securities.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(h)</font></td>
        <td>Notwithstanding any other provision of this Agreement (including <u>Section 4.1(e)</u>), but subject to <u>Section 4.1(a)</u>, if PubCo receives Tax Distributions in an amount in excess of the amount that will enable PubCo to meet its U.S.
          federal, state and local and non-U.S. tax obligations and its obligations under the Tax Receivable Agreements or holds any other excess cash amount, PubCo may, in its sole discretion, contribute such excess cash amount to the Company in exchange
          for a number of Units (but only to the extent the Company actually receives cash therefor in an aggregate amount, or other property therefor with a Fair Market Value in an aggregate amount, or a combination thereof, equal to at least the Fair
          Market Value of such Units), and distribute to the holders of Class A Common Stock shares of Class A Common Stock that correspond economically to such Units.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 4.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Voting Rights</u></b>. No Member has any voting right except with
    respect to those matters specifically reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit will entitle the holder thereof to one
    vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 4.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Capital Contributions</u>; <u>Unit Ownership</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td><i>Capital Contributions</i>. Except as otherwise set forth in <u>Section 4.1(e)</u> with respect to the obligations of PubCo, no Member shall be required to make additional Capital Contributions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td><i>Issuance of Additional Units or Interests</i>. Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize and cause the Company to issue on such terms (including price) as may be
          determined by the Managing Member (i) subject to the limitations of <u>Section 4.1</u>, additional Units or other Equity Securities in the Company (including creating preferred interests or other classes or series of interests having such
          rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or
          exchangeable for Units or other Equity Securities in the Company; <i>provided </i>that, at any time following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have
          executed a counterpart to this Agreement and all other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing Member. Upon such issuance and execution, such Person shall be admitted as a Member of the
          Company. In that event, the Managing Member shall amend <u>Exhibit A</u> to reflect such additional issuances. Subject to <u>Section 12.1</u>, the Managing Member is hereby authorized to amend this Agreement to set forth the designations,
          preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation,
          authorization or issuance of, any class or series of Units or other Equity Securities in the Company pursuant to this <u>Section 4.3(b)</u>; <i>provided </i>that, notwithstanding the foregoing, the Managing Member shall have the right to amend
          this Agreement as set forth in this sentence without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement (including <u>Section 12.1)</u> if such amendment is necessary, and then only
          to the extent necessary, in order to consummate any offering of shares of PubCo Common Stock or other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity
          Securities of the Company as set forth in such amendment are substantially equivalent to those applicable to such shares of PubCo Common Stock or other Equity Securities of PubCo.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 4.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Capital Accounts</u></b>. A Capital Account shall be maintained for
    each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement. Each Member&#8217;s Capital Account shall be (a) increased by (i)
    allocations to such Member of Profits pursuant to <u>Section 5.1</u> and any other items of income or gain allocated to such Member pursuant to <u>Section 5.2</u>, (ii) the amount of additional cash or the initial Gross Asset Value of any asset (net
    of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b)
    decreased by (i) allocations to such Member of Losses pursuant to <u>Section 5.1</u> and any other items of deduction or loss allocated to such Member pursuant to the provisions of <u>Section 5.2</u>, (ii) the amount of any cash or the Gross Asset
    Value of any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the
    event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in <u>Section 4.6(a)(iv)</u>), the Capital Account of the Transferor that is attributable to the
    Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 4.5&#160;&#160;&#160;&#160;&#160;</font><b><u>Other Matters</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of the Managing Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right
          to receive property other than cash.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its
          capacity as a Member, except as otherwise provided in <u>Section 7.9</u> or as otherwise contemplated by this Agreement.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to
          the Company, any of the other Members, the creditors of the Company, or any other third party, for any debt or Liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member&#8217;s Capital Account, to lend any funds to the Company or, except as otherwise set forth herein, to make any additional
          contributions or payments to the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>The Company shall not be obligated to repay any Capital Contributions of any Member.</td>
      </tr>

  </table>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-weight: normal; color: #010000">Section 4.6&#160;&#160;&#160;&#160;&#160;</font><u>Redemption of Units</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="color: #010000; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td>Upon the terms and subject to the conditions set forth in this <u>Section 4.6</u>, each of the Members (other than PubCo and its wholly owned Subsidiaries) (the &#8220;<b><u>Redeeming Member</u></b>&#8221;) shall be entitled, from time to time, to cause
          the Company to redeem all or a portion of such Member&#8217;s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock (a &#8220;<b><u>Redemption</u></b>&#8221;)



          or, at the Company&#8217;s election made in accordance with <u>Section 4.6(a)(iii)</u>, cash equal to the Cash Election Amount calculated with respect to such Redemption. Absent the prior written consent of the Managing Member, with respect to each
          Redemption of 250,000 Units or less, a Redeeming Member shall be (A) required to redeem at least a number of Units equal to the lesser of 250,000 Units and all of the Units then held by such Redeeming Member and (B) permitted to effect a
          Redemption of Units no more frequently than once per calendar quarter; except such limitations shall not apply with respect to any sales of Class A Common Stock pursuant to a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act by a
          Major Member with respect to the Class A Common Stock if the Managing Member approved such trading plan for purposes of this Agreement in advance of its adoption (or amendment, if applicable); provided that such approval shall not be unreasonably
          withheld, conditioned or delayed unless the Managing Member determines, in its sole discretion, that approval is subject to the Redemption Limits. In addition, the Managing Member may, in its discretion, adopt a policy to limit Redemptions of
          250,000 Units or less to a particular period during each quarter; except such limitations shall not apply with respect to any sales of Class A Common Stock pursuant to a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act by a Major
          Member with respect to the Class A Common Stock if the Managing Member approved such trading plan for purposes of this Agreement in advance of its adoption (or amendment, if applicable); provided that such approval shall not be unreasonably
          withheld, conditioned or delayed unless the Managing Member determines, in its sole discretion, that approval is subject to the Redemption Limits. Notwithstanding the foregoing, with respect to each redemption of more than 250,000 Units, a
          Redeeming Member may redeem more than once per calendar quarter, subject to any additional limitations and restrictions on Redemptions imposed by the Managing Member pursuant to the Redemption Limits in <u>Section 4.6(j)</u>. Upon the Redemption
          of all of a Member&#8217;s Units, such Member shall, for the avoidance of doubt, cease to be a Member of the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(ii)</font></td>
        <td>In order to exercise the redemption right under <u>Section 4.6(a)(i)</u>, the Redeeming Member shall provide written notice (the &#8220;<b><u>Redemption Notice</u></b>&#8221;) to the Company, with a copy to PubCo (the date of delivery of such Redemption
          Notice, the &#8220;<b><u>Redemption Notice Date</u></b>&#8221;), stating:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">the number of Units (together with the surrender and delivery of an equal number of shares of Class B Common Stock) the Redeeming Member elects to have the Company redeem;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">if the shares of Class A Common Stock to be received are to be issued other than in the name of the Redeeming Member, the name(s) of the Person(s) in whose name or on whose order the shares of Class A Common Stock
          are to be issued;</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">22</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">whether the exercise of the redemption right is to be contingent (including as to timing) upon the closing of an underwritten offering of the shares Class A Common Stock for which the Units will be redeemed or the
          closing of an announced merger, consolidation or other transaction or event to which PubCo is a party in which the shares of Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other
          securities or property; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">if the Redeeming Member requires the Redemption to take place on a specific date, such date, <i>provided </i>that, any such specified date shall not be earlier than the date that would otherwise apply pursuant to
          clause (a) of the definition of Redemption Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in">If the Units to be redeemed (or the shares of Class B Common Stock to be transferred and surrendered) by the Redeeming Member are represented by
    a certificate or certificates, prior to the Redemption Date, the Redeeming Member shall also present and surrender such certificate or certificates representing such Units (or shares of Class B Common Stock) during normal business hours at the
    principal executive offices of the Company, or if any agent for the registration or transfer of Class A Common Stock is then duly appointed and acting (the &#8220;<b><u>Transfer Agent</u></b>&#8221;), at the office of the Transfer Agent. If required by the
    Managing Member, any certificate for Units and any certificate for shares of Class B Common Stock (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of transfer, in forms reasonably satisfactory to
    the Managing Member and the Transfer Agent, duly executed by the Redeeming Member or the Redeeming Member&#8217;s duly authorized representative.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iii)</font></td>
        <td>Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a &#8220;<b><u>Cash Election</u></b>&#8221;) to settle the Redemption by delivering to the Redeeming Member, in lieu of the applicable number of shares of Class A Common Stock
          that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption. In order to make a Cash Election with respect to a Redemption, the Company must provide written notice of such election to the
          Redeeming Member (with a copy to PubCo) prior to 5:00 p.m., Houston time, on or prior to the second Business Day after the Redemption Notice Date. If the Company fails to provide such written notice prior to such time, it shall not be entitled to
          make a Cash Election with respect to such Redemption and such Units (together with the same number of shares of Class B Common Stock) subject to such Redemption shall be settled for an equivalent number of shares of Class A Common Stock. If the
          Company elects the Cash Election, the Redeeming Member may retract its Redemption Notice by giving written notice (the &#8220;<b><u>Cash Election Retraction Notice</u></b>&#8221;) to the Company (with a copy to PubCo) within two (2) Business Days of delivery
          of the notice of Cash Election by the Company to the Redeeming Member.</td>
      </tr>

  </table>
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  </div>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iv)</font></td>
        <td>Unless otherwise required by applicable Law, for U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and PubCo, as the case may be, agree to treat each Redemption and, in the event PubCo
          exercises its Call Right, each transaction between the Redeeming Member and PubCo, as a sale of the Redeeming Member&#8217;s Units (together with the same number of shares of Class B Common Stock) to PubCo in exchange for shares of Class A Common Stock
          or cash, as applicable.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td>Subject to (A) the satisfaction of any contingency described in <u>Section 4.6(a)(ii)(C) </u>that is specified in the relevant Redemption Notice, including that the Redemption Notice may be conditioned on the closing of an underwritten
          distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption, and (B) a validly submitted Cash Election Retraction Notice under <u>Section 4.6(a)(iii)</u>, the Redemption shall be completed on
          the Redemption Date; <i>provided</i>, that if a valid Cash Election has not been made, the Redeeming Member may, at any time prior to the Redemption Date, revoke its Redemption Notice by giving written notice (the &#8220;<b><u>Retraction Notice</u></b>&#8221;)


          to the Company (with a copy to PubCo) The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member&#8217;s, the Company&#8217;s and PubCo&#8217;s rights and obligations arising from the retracted Redemption Notice.</td>
      </tr>

  </table>
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    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">24</font>&#160;</div>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(ii)</font></td>
        <td>Notwithstanding anything to the contrary in this Agreement, in the event the Company does not elect the Cash Election in connection with a Redemption, a Redeeming Member shall be entitled to revoke its Redemption Notice and issue a Retraction
          Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at or immediately
          following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the Commission or no such resale registration statement has yet become effective; (ii) the Company shall have failed to cause any
          related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) the Company shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement
          under the Registration Rights Agreement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of the Redemption; (iv) the
          Company shall have disclosed to such Redeeming Member any material non-public information concerning the Company, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or
          immediately following the Redemption without disclosure of such information (and the Company does not permit disclosure); (v) any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by
          such Redeeming Member at or immediately following the Redemption shall have been issued by the Commission; (vi) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A
          Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; (viii) the Company shall have failed to comply in all
          material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption
          pursuant to an effective registration statement; or (ix) the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period. If a Redeeming Member delays the consummation of a Redemption pursuant to this <u>Section


            4.06(b)(iii)</u>, the Redemption Date shall occur on the fifth Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Company and such Redeeming Member may agree in writing).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iii)</font></td>
        <td>Unless the Redeeming Member has timely delivered a Retraction Notice as provided in <u>Section 4.6(b)(i),</u> issued a Retraction Notice or delayed the consummation of a Redemption, in each case, under <u>Section 4.6(b)(ii)</u>, or has timely
          delivered a Cash Election Retraction Notice under <u>Section 4.6(a)(iii)</u> or, subject to the foregoing and <u>Section 4.6(e)</u>, PubCo has validly elected its Call Right pursuant to <u>Section 4.6(f)</u>, on the Redemption Date (to be
          effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Units to be redeemed (and a corresponding number of shares of Class B Common Stock) to the Company, in each
          case free and clear of all liens and encumbrances, (B) PubCo shall contribute to the Company the consideration the Redeeming Member is entitled to receive under <u>Section 4.6(a)(i)</u> and, as described in <u>Section 4.1(e)</u>, the Company
          shall issue to PubCo a number of Units or other Equity Securities of the Company as consideration for such contribution, (C) the Company shall (x) cancel the redeemed Units, (y) transfer to the Redeeming Member the consideration the Redeeming
          Member is entitled to receive under <u>Section 4.6(a)(i)</u>, and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the
          certificate surrendered by the Redeeming Member pursuant to clause (iii)(A) of this <u>Section 4.6(b)</u> and the number of redeemed Units, and (D) PubCo shall cancel the surrendered shares of Class B Common Stock. Notwithstanding any other
          provisions of this Agreement to the contrary, in the event that the Company makes a valid Cash Election, PubCo shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of any Discount) from
          the sale by PubCo of a number of shares of Class A Common Stock equal to the number of Units and Class B Common Stock to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; <i>provided


          </i>that PubCo&#8217;s Capital Account shall be adjusted in accordance with <u>Section 7.9</u>; <i>provided further</i>, that the contribution of such net proceeds shall in no event affect the Redeeming Member&#8217;s right to receive the Cash Election
          Amount; <i>provided further</i>, for the avoidance of doubt, if the Cash Election Amount to which the Redeeming Member is entitled exceeds the full amount that is contributed to the Company by PubCo, then the Company shall still be required to
          pay the Redeeming Member the full Cash Election Amount.</td>
      </tr>

  </table>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the shares of Class A Common Stock are converted or changed into another security, securities or other property (other than as
          a result of a subdivision or combination or any transaction subject to <u>Section 4.1(g)</u>), or (ii) PubCo, by dividend or otherwise, distributes to all holders of the shares of Class A Common Stock evidences of its Indebtedness or assets,
          including securities (including shares of Class A Common Stock and any rights, options or warrants to all holders of the shares of Class A Common Stock to subscribe for or to purchase or to otherwise acquire shares of Class A Common Stock, or
          other securities or rights convertible into, exchangeable for or exercisable for shares of Class A Common Stock) but excluding (A) any cash dividend or distribution, or (B) any such distribution of Indebtedness or assets, in either case (A) or
          (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the shares of Class A Common Stock or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount
          of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization, other similar transaction,
          dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split,
          reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of
          doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, or any dividend or
          distribution (other than an excluded dividend or distribution, as described above), this <u>Section 4.6</u> shall continue to be applicable, <i>mutatis mutandis</i>, with respect to such security or other property. This Agreement shall apply to
          the Units held by the Members and their Permitted Transferees as of the date hereof, as well as any Units hereafter acquired by a Member and his or her or its Permitted Transferees.</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon the
          Redemption of all outstanding Units (other than those Units held by PubCo or any Subsidiary of PubCo); <i>provided</i>, that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a
          Redemption by delivery of cash pursuant to a Cash Election or shares of Class A Common Stock that are held in the treasury of PubCo. PubCo covenants that all shares of Class A Common Stock that shall be issued upon a Redemption or exercise of a
          Call Right by PubCo shall, upon issuance thereof, be validly issued, fully paid and non-assessable. In addition, for so long as the shares of Class A Common Stock are listed on a National Securities Exchange, PubCo shall use its reasonable best
          efforts to cause all shares of Class A Common Stock issued upon a Redemption or exercise of a Call Right by PubCo, in each case, to be listed on such National Securities Exchange at the time of such issuance.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>The issuance of shares of Class A Common Stock upon a Redemption shall be made without charge to the Redeeming Member for any stamp or other similar tax in respect of such issuance; <i>provided</i>, <i>however</i>, that if any such shares of
          Class A Common Stock are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in whose name the shares are to be issued shall pay to PubCo the amount of any tax that may be payable in respect of any transfer
          involved in such issuance or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td>Notwithstanding anything to the contrary in this <u>Section 4.6</u>, but subject to <u>Section 4.6(g)</u> and without limitation to the rights of the Members under this <u>Section 4.6</u>, including the right to revoke a Redemption Notice
          which shall apply <i>mutatis mutandis</i> to any Call Right elected by PubCo, including the right of a member to revoke a Redemption Notice if PubCo elects settlement by the Cash Election Amount, PubCo may, in its sole discretion, by means of
          delivery of a Call Election Notice in accordance with, and subject to the terms of, this <u>Section 4.6(f)</u>, elect to purchase directly and acquire such Units (together with the surrender and delivery of the same number of shares of Class B
          Common Stock) on the Redemption Date by paying to the Redeeming Member (or, on the Redeeming Member&#8217;s written order, its designee) that number of shares of Class A Common Stock the Redeeming Member (or its designee) would otherwise receive
          pursuant to <u>Section 4.6(a)(i)</u> or, at PubCo&#8217;s election, an amount of cash equal to the Cash Election Amount of such shares of Class A Common Stock (the &#8220;<b><u>Call Right</u></b>&#8221;), whereupon PubCo shall acquire the Units offered for
          redemption by the Redeeming Member (together with the surrender and delivery of the same number of shares of Class B Common Stock to PubCo for cancellation). PubCo shall be treated for all purposes of this Agreement as the owner of such Units.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(ii)</font></td>
        <td>PubCo may, at any time prior to the Redemption Date, in its sole discretion deliver written notice (a &#8220;<b><u>Call Election Notice</u></b>&#8221;) to the Company and the Redeeming Member setting forth its election to exercise its Call Right; <i>provided</i>
          that any such election does not prejudice the ability of the parties to consummate a Redemption or a Call Right on the Redemption Date. A Call Election Notice may be revoked by PubCo at any time; <i>provided </i>that any such revocation does
          not prejudice the ability of the parties to consummate a Redemption on the Redemption Date. The right to consummate a Call Right in all events shall be exercisable for all the Units set forth in the applicable Redemption Notice that would have
          otherwise been subject to the Redemption. Except as otherwise provided by this <u>Section 4.6(f)</u>, an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have
          been consummated if PubCo had not delivered a Call Election Notice.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(f)</font></td>
        <td>In connection with a PubCo Change of Control that is approved by the board of directors of PubCo, PubCo shall have the right, in its sole discretion, to require each Member (other than PubCo and its wholly owned Subsidiaries) to effect a
          Redemption of some or all of such Member&#8217;s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock); <i>provided </i>that a Cash Election shall not be permitted pursuant to such a Redemption under
          this <u>Section 4.6(g)</u>. Any Redemption pursuant to this <u>Section 4.6(g)</u> shall be effective contingent upon and immediately prior to the consummation of the PubCo Change of Control (and, for the avoidance of doubt, shall not be
          effective if such PubCo Change of Control is not consummated) (the &#8220;<b><u>Change of Control Redemption Date</u></b>&#8221;). From and after the Change of Control Redemption Date, (i) the Units and shares of Class B Common Stock subject to such
          Redemption shall be deemed to be transferred to PubCo on the Change of Control Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and shares of Class B Common Stock subject to such Redemption (other than
          the right to receive shares of Class A Common Stock pursuant to such Redemption). PubCo shall provide written notice of an expected PubCo Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of
          the agreement with respect to such PubCo Change of Control and (y) thirty (30) Business Days before the proposed date upon which the contemplated PubCo Change of Control is to be effected, indicating in such notice such information as may
          reasonably describe the PubCo Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares
          of Class A Common Stock in the PubCo Change of Control, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such PubCo Change of Control,
          and the number of Units (and corresponding shares of Class B Common Stock) held by such Member that PubCo intends to require to be subject to such Redemption. Following delivery of such notice and on or prior to the Change of Control Redemption
          Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any reasonable action and delivering any document reasonably required pursuant to the remainder of this <u>Section 4.6</u> to
          effect a Redemption.</td>
      </tr>

  </table>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(g)</font></td>
        <td>In the event that (i) the Members (other than PubCo and its wholly owned Subsidiaries) beneficially own, in the aggregate, less than 5% of the then outstanding Units and (ii) the Class A Common Stock is listed or admitted to trading on a
          National Securities Exchange, PubCo shall have the right, in its sole discretion, to require any Member (other than PubCo and its wholly owned Subsidiaries) that beneficially owns less than 1% of the then outstanding Units, to effect a Redemption
          of some or all of such Member&#8217;s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock); <i>provided</i> that a Cash Election shall not be permitted pursuant to such a Redemption under this <u>Section


            4.6(h)</u>. PubCo shall deliver written notice to the Company and any such Member of its intention to exercise its Redemption right pursuant to this <u>Section 4.6(h)</u> (a &#8220;<b><u>Minority Member Redemption Notice</u></b>&#8221;) at least five (5)
          Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the &#8220;<b><u>Minority Member Redemption Date</u></b>&#8221;), indicating in such notice the number of Units (and corresponding shares of Class B
          Common Stock) held by such Member that PubCo intends to require to be subject to such Redemption. Any Redemption pursuant to this <u>Section 4.6(h)</u> shall be effective on the Minority Member Redemption Date. From and after the Minority Member
          Redemption Date, (i) the Units and shares of Class B Common Stock subject to such Redemption shall be deemed to be transferred to PubCo on the Minority Member Redemption Date and (ii) such Member shall cease to have any rights with respect to the
          Units and shares of Class B Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption). Following delivery of a Minority Member Redemption Notice and on or prior to the
          Minority Member Redemption Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this <u>Section 4.6</u> to
          effect a Redemption.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(h)</font></td>
        <td>No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units redeemed pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption. For
          the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive shares of Class A Common Stock, shall be entitled to receive, with respect to such record date, distributions or dividends both on Units redeemed
          by the Company from such Redeeming Member and on shares of Class A Common Stock received by such Redeeming Member, or other Person so designated, if applicable, in such Redemption.</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td>Any Units acquired by the Company under this <u>Section 4.6</u> and transferred by the Company to PubCo shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company. Notwithstanding any other provision of
          this Agreement, PubCo shall be automatically admitted as a Member of the Company with respect to any Units or other Equity Securities in the Company it receives under this Agreement (including under this <u>Section 4.6</u> in connection with any
          Redemption).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(j)</font></td>
        <td>The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority procedures for Redemptions; provided, that, such limitations or procedures are applied in a
          non-discriminatory manner amongst all similarly situated Members), to the extent it determines, in its sole discretion, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a
          &#8220;publicly traded partnership&#8221; within the meaning of Section 7704 of the Code (the &#8220;Redemption Limits&#8221;). Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in its
          sole discretion, that such Redemption is necessary or appropriate to avoid undue risk that the Company may be classified as a &#8220;publicly traded partnership&#8221; within the meaning of Section 7704 of the Code. Upon delivery of any notice by the
          Managing Member to such Member or group of Members requiring such Redemption, such Member or group of Members shall exchange, subject to exercise by PubCo of its Call Right pursuant to <u>Section 4.6(f)(i)</u>, all of their Units effective as of
          the date specified in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this <u>Section 4.6</u> and otherwise in accordance with the requirements set forth in such notice.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article V</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>ALLOCATIONS OF PROFITS AND LOSSES</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 5.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Profits and Losses</u></b>. After giving effect to the allocations
    under <u>Section 5.2</u> and subject to <u>Section 5.4</u>, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances described below, any allocable
    items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period in a manner such
    that, after giving effect to the special allocations set forth in <u>Section 5.2</u> and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member shall be equal on a <i>pro rata</i>
    basis in accordance with the number of Units held by each Member.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 5.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Special Allocations</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a <i>pro rata </i>basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year or
          other taxable period. The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable
          period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions
          of Treasury Regulations Section 1.704-2(d).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are
          attributable in accordance with Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt
          shall be allocated among the Members according to the ratio in which they bear the economic risk of loss. This <u>Section 5.2(b)</u> is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted
          consistently therewith.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal
          Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this <u>Section 5.2(c)</u>), each Member shall be specially allocated items of Company
          income and gain for such Fiscal Year or other taxable period in an amount equal to such Member&#8217;s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This
          section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Notwithstanding any other provision of this Agreement except <u>Section 5.2(c)</u>, if there is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a
          prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this <u>Section 5.2(d)</u>), each Member shall be specially allocated items of
          Company income and gain for such year in an amount equal to such Member&#8217;s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is intended to constitute a partner
          nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.</td>
      </tr>

  </table>
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  </div>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>Notwithstanding any provision hereof to the contrary except <u>Section 5.2(a)</u> and <u>Section 5.2(b)</u>, no Losses or other items of loss or expense shall be allocated to any Member to the extent that such allocation would cause such
          Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in excess of the limitation set
          forth in this <u>Section 5.2(e) </u>shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts but only to the extent that such Losses and other items of loss
          and expense do not cause any such Member to have an Adjusted Capital Account Deficit.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(f)</font></td>
        <td>Notwithstanding any provision hereof to the contrary except <u>Section 5.2(c)</u> and <u>Section 5.2(d)</u>, in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of
          Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a <i>pro rata</i> portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period) shall be specially
          allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this <u>Section 5.2(f)</u> shall be made only if and to
          the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this <u>Article V</u> have been tentatively made as if this <u>Section 5.2(f)</u> were not in this Agreement. This <u>Section


            5.2(f) </u>is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii) (d) and shall be interpreted consistently therewith.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(g)</font></td>
        <td>If any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is
          deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as
          possible, provided that an allocation pursuant to this <u>Section 5.2(g)</u> shall be made only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided
          for in this <u>Article V</u> have been made as if <u>Section 5.2(f)</u> and this <u>Section 5.2(g)</u> were not in this Agreement.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(h)</font></td>
        <td>To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into
          account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member&#8217;s Interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if
          the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such
          section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.</td>
      </tr>

  </table>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td>The allocations set forth in <u>Sections 5.2(a)</u> through <u>5.2(h)</u> (the &#8220;<b><u>Regulatory Allocations</u></b>&#8221;) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding
          any other provision of this <u>Article V</u> (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and
          deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that would have been allocated to each such Member if
          the Regulatory Allocations had not occurred. This <u>Section 5.2(i)</u> is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory Allocations and shall
          be interpreted in a manner consistent therewith.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 5.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Allocations for Tax Purposes in General</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Except as otherwise provided in this <u>Section 5.3</u>, each item of income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under
          <u>Sections 5.1</u> and <u>5.2</u>.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values)<i>, </i>items of income, gain, loss and
          deduction with respect to any Company property having a Gross Asset Value that differs from such property&#8217;s adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for
          any such difference using such method or methods determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and (ii) recapture of
          credits shall be allocated to the Members in accordance with applicable law.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Allocations pursuant to this <u>Section 5.3</u> are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any Member&#8217;s Capital Account or share of Profits, Losses,
          other items or distributions pursuant to any provision of this Agreement.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(<i>s</i>)(3), the Company shall make corrective
          allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 5.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Other Allocation Rules</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>The Members are aware of the income tax consequences of the allocations made by this <u>Article V</u> and the economic impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by
          the provisions of this <u>Article V</u> in reporting their share of Company income and loss for income tax purposes.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by <u>Section 4.4</u> and the allocations set forth in <u>Sections 5.1</u>, <u>5.2</u> and <u>5.3</u> are intended to comply with
          the Treasury Regulations and to reflect the intended economic entitlement of the Members. If the Managing Member determines, in its sole discretion, that the application of the provisions in <u>Sections 4.4</u>, <u>5.1</u>, <u>5.2</u> or <u>5.3</u>
          would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year or other taxable
          period during which each was recognized as the owner of such interest, without regard to the results of Company operations during any particular portion of that year and without regard to whether cash distributions were made to the Transferor or
          the Transferee during that year; <i>provided, however, </i>that this allocation must be made in accordance with a method permissible under Code Section 706 and the Treasury Regulations thereunder.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>The Members&#8217; proportionate shares of the &#8220;excess nonrecourse liabilities&#8221; of the Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a <i>pro rata </i>basis, in accordance with the
          number of Units owned by each Member.</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article VI</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>DISTRIBUTIONS</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 6.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Distributions</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td><u>Distributions</u>. To the extent permitted by applicable Law and hereunder, and except as otherwise provided in <u>Section 11.3</u>, distributions to Members may be declared by the Managing Member out of funds legally available therefor in
          such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the
          close of business on such record date on a <i>pro rata </i>basis (except that, for the avoidance of doubt, repurchases or redemptions made in accordance with <u>Section 4.1(f)</u> or payments made in accordance with <u>Sections 7.4</u> or <u>7.9</u>
          need not be on a <i>pro rata </i>basis), in accordance with the number of Units owned by each Member as of the close of business on such record date; <i>provided</i>, <i>however</i>, that the Managing Member shall have the obligation to make
          distributions as set forth in <u>Sections 6.2</u> and <u>11.3(b)(iii)</u>; and <i>provided</i>, <i>further</i>, that, notwithstanding any other provision herein to the contrary, no distributions shall be made to any Member to the extent such
          distribution would render the Company insolvent or violate the Act. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly following the designation of a record
          date and the declaration of a distribution pursuant to this <u>Section 6.1</u>, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.</td>
      </tr>

  </table>
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  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td><u>Successors</u>. For purposes of determining the amount of distributions, each Member shall be treated as having made the Capital Contributions and as having received the distributions made to or received by its predecessors in respect of any
          of such Member&#8217;s Units.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td><u>Distributions In-Kind</u>. Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member. To the extent that the Company
          distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes of <u>Section 6.1(a)</u> and such property shall be treated as if it were sold for an
          amount equal to its Fair Market Value. Any resulting gain or loss shall be allocated to the Member&#8217;s Capital Accounts in accordance with <u>Sections 5.1</u> and <u>5.2</u>.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 6.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Tax-Related Distributions</u></b>. The Company shall, subject to any
    restrictions contained in any agreement to which the Company is bound, advance distributions out of legally available funds at such times and in such amounts as the Managing Member reasonably determines is necessary to enable PubCo to (i) timely
    satisfy all of its U.S. federal, state and local and non-U.S. tax liabilities, and (ii) timely meet its obligations pursuant to any and all Tax Receivable Agreements. If PubCo receives a distribution described in this <u>Section 6.2(a)(i)</u> (but
    not, for the avoidance of doubt, this <u>Section 6.2(a)(ii)</u>), the Company shall use commercially reasonable efforts to make any such distributions to all Members on a <i>pro rata </i>basis, in accordance with the number of Units owned by each
    Member.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 6.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Distribution Upon Withdrawal</u></b>. No withdrawing Member shall be
    entitled to receive any distribution or the value of such Member&#8217;s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article VII</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>MANAGEMENT</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.1&#160;&#160;&#160;&#160;&#160;</font><b><u>The Managing Member; Fiduciary Duties</u></b>.</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>PubCo shall be the sole Managing Member of the Company. Except as otherwise required by Law or as set forth in this Agreement, (i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and
          control of the Company&#8217;s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and operations of the Company (including the
          incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member (in their capacity as such) shall not participate in the control, management, direction or
          operation of the activities or affairs of the Company and shall have no power to act for or bind the Company.</td>
      </tr>

  </table>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the
          stockholders of a Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation. The Members acknowledge that the Managing Member will take action through its board
          of directors, and that the members of the Managing Member&#8217;s board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Officers</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may delegate to any such
          Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>The initial chief executive officer of the Company (the &#8220;<b><u>Chief Executive Officer</u></b>&#8221;) will be Amanda M. Brock.</td>
      </tr>

  </table>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member are carried into
          effect. The Chief Executive Officer will report to the Managing Member and have the general powers and duties of management usually vested in the office of president and chief executive officer of a corporation organized under the DGCL, subject
          to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement. The Chief Executive Officer will have the power to execute bonds, mortgages and other contracts requiring a
          seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof will be expressly delegated by the Managing Member to some other Officer or
          agent of the Company.</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">36</font>&#160;</div>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial officer, a general
          counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member deems appropriate. Except as set forth herein, the Officers will serve at the pleasure of
          the Managing Member, subject to all rights, if any, of such Officer under any contract of employment. Any individual may hold any number of offices, and an Officer may, but need not, be a Member of the Company. The Officers will exercise such
          powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to
          the Managing Member. Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary
          to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other
          cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Warranted Reliance by Officers on Others</u></b>. In exercising their
    authority and performing their duties under this Agreement, the Officers shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question
    that would cause such reliance to be unwarranted:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent in the matters presented; and</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>any attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be within such Person&#8217;s professional or expert competence.</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Indemnification</u></b>. The Company shall indemnify and hold harmless,
    to the fullest extent permitted by applicable Law (including the Act) as it presently exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such
    amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to such amendment) any person who was or is made a party or is threatened to be made a party to or is
    otherwise involved in any threatened, pending or completed action, suit, investigation or proceeding, whether civil, criminal, administrative or investigative (a &#8220;<b><u>Proceeding</u></b>&#8221;) by reason of the fact that he, or a person for whom he is the
    legal representative, is or was a Manager entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, or acting as the Managing Member, Company Representative of the Company or, while a Manager entitled to indemnification under
    the Existing LLC Agreement, a Member, an Officer, or acting as the, Managing Member, Company Representative of the Company, is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited
    liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a &#8220;<b><u>Covered Person</u></b>&#8221;), whether the basis of such Proceeding is
    alleged action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent, against all expenses, liability and loss (including,
    without limitation, attorneys&#8217; fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such Proceeding. The Company shall, to the fullest extent
    not prohibited by applicable Law as it presently exists or may hereafter be amended, pay the expenses (including attorneys&#8217; fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; <i>provided</i>, <i>however</i>,
    that to the extent required by applicable Law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be
    ultimately determined by final judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this <u>Section 7.4</u> or otherwise. The rights to indemnification and advancement of
    expenses under this <u>Section 7.4</u> shall be contract rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs, executors
    and administrators. Notwithstanding the foregoing provisions of this <u>Section 7.4</u>, except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a Covered Person in
    connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.5&#160;&#160;&#160;&#160;&#160;</font><b><u>Maintenance of Insurance or Other Financial Arrangements</u></b>. In
    compliance with applicable Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the
    request of the Company is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and
    Liability and expenses incurred by such Person in such Person&#8217;s capacity as such, or arising out of such Person&#8217;s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.6&#160;&#160;&#160;&#160;&#160;</font><b><u>Resignation or Termination of Managing Member</u></b>. PubCo shall not,
    by any means, resign as, cease to be or be replaced as Managing Member except in compliance with this <u>Section 7.6</u>. No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with
    this Agreement, so that the obligations of PubCo, its successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment of a Person other than
    PubCo (or its successor, as applicable) as Managing Member shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such
    other Members against PubCo (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo&#8217;s obligations under this Agreement (including its obligations under <u>Section 4.6</u>) other than
    those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member&#8217;s obligations under this Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.7&#160;&#160;&#160;&#160;&#160;</font><b><u>No Inconsistent Obligations; Transactions between Company and Managing
        Member</u></b>. The Managing Member represents that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this
    Agreement and covenants that, except as permitted by <u>Section 7.1</u>, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. The
    Managing Member may cause the Company to contract and deal with the Managing Member, or any Affiliate of the Managing Member, provided such contracts and dealings are on terms comparable to and competitive with those available to the Company from
    others dealing at arm&#8217;s length or are approved by the Managing Member and otherwise are permitted by the Credit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.8&#160;&#160;&#160;&#160;&#160;</font><b><u>Reclassification Events of PubCo</u></b>. If a Reclassification Event
    occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with <u>Section 12.1</u>, and enter into any necessary supplementary or additional agreements, to ensure that,
    following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in <u>Section 4.6</u> provide that each Unit (together with the surrender and delivery of one share of Class B Common Stock) is
    redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one share of Class A Common Stock becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or the
    successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to
    comply with the obligations of PubCo (in whatever capacity) under this Agreement.</p>
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  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.9&#160;&#160;&#160;&#160;&#160;</font><b><u>Certain Costs and Expenses</u></b>. The Managing Member shall not be
    compensated for its services as the Managing Member of the Company except as expressly provided in this Agreement. The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the
    costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (ii) in
    the sole discretion of the Managing Member, reimburse the Managing Member for any reasonable out-of-pocket costs, fees or expenses incurred by it in connection with serving as the Managing Member. To the extent that the Managing Member determines in
    its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its
    Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all expenses of the Managing Member, including, without limitation, costs of securities offerings not borne directly
    by Members, board of directors compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs; <i>provided </i>that the Company shall not pay or bear any
    income tax obligations of the Managing Member. In the event that (i) shares of Class A Common Stock or other Equity Securities of PubCo were sold to underwriters in any public offering after the Effective Time, in each case, at a price per share that
    is lower than the price per share for which such shares of Class A Common Stock or other Equity Securities of PubCo are sold to the public in such public offering after taking into account underwriters&#8217; discounts or commissions and brokers&#8217; fees or
    commissions (including, for the avoidance of doubt, any deferred discounts or commissions and brokers&#8217; fees or commissions payable in connection with or as a result of such public offering) (such difference, the &#8220;<b><u>Discount</u></b>&#8221;) and (ii) the
    proceeds from such public offering are used to fund the Cash Election Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the Managing Member for such Discount by treating such Discount as an additional
    Capital Contribution made by the Managing Member to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with <u>Section 4.6(b)(ii)</u>, and increasing the Managing Member&#8217;s Capital Account by the amount of such
    Discount. For the avoidance of doubt, any payments made to or on behalf of the Managing Member pursuant to this <u>Section 7.9</u> shall not be treated as a distribution pursuant to <u>Section 6.1(a)</u> but shall instead be treated as an expense of
    the Company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 7.10&#160;&#160;&#160;</font><b><u>Outside Activities of the Managing Member</u></b>. The Managing Member
    shall not, directly or indirectly, enter into or conduct any business or operations, other than in connection with (a) the ownership, acquisition and disposition of Units, (b) the management of the business and affairs of the Company and its
    Subsidiaries, (c) the operation of the Managing Member as a reporting company with a class (or classes) of securities registered under Section 12 of the Exchange Act and listed on a securities exchange, (d) the offering, sale, syndication, private
    placement or public offering of stock, bonds, securities or other interests of the PubCo or the Company or any of its Subsidiaries, (e) financing or refinancing of any type related to the PubCo or the Company, its Subsidiaries or their assets or
    activities, (f) treasury and treasury management, (g) stock repurchases, (h) the declaration and payment of distributions or dividends with respect to any class of securities and (i) such activities as are incidental to the foregoing; provided,
    however, that, except as otherwise provided herein, the net proceeds of any financing raised by the Managing Member pursuant to the preceding clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or
    otherwise, as appropriate; provided, further, that the Managing Member may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the
    Managing Member takes commercially reasonable measures to ensure that the economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage, loan or otherwise or, if it is not
    commercially reasonable to vest such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct ownership of assets by the Managing Member.
    Nothing contained herein shall be deemed to prohibit the Managing Member from executing any guarantee of indebtedness of the Company or its Subsidiaries.</p>
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  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article VIII</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>ROLE OF MEMBERS</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 8.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Rights or Powers</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any
          way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate thereof or an employee,
          stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company. The existence of these relationships and acting in such capacities will not result in the Member
          (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited liability of the Member. Except as specifically provided herein, a Member (other than the Managing
          Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company&#8217;s business, transact any business in the Company&#8217;s name or have the power to sign documents for or otherwise bind the Company.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>The Company shall promptly (but in any event within three business days) notify the Members in writing if, to the Company&#8217;s knowledge, for any reason, it would be an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940
          (the &#8220;<b><u>Investment Company </u>Act</b>&#8221;), as amended. The Managing Member shall use its reasonable best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act.</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 8.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Voting</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Meetings of the Members may be called upon the written request of Members holding at least 50% of the outstanding Units. Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting.
          Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of the Members and
          may waive advance notice of such meeting. Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure
          prescribed in this <u>Section 8.2</u>. Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members.</td>
      </tr>

  </table>
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    <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">41</font>&#160;</div>
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  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed
          by such Member or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing Member deems appropriate.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval is necessary consent thereto in writing.</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 8.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Various Capacities</u></b><u>.</u> The Members acknowledge and agree
    that the Members or their Affiliates will from time to time act in various capacities, including as a Member and as the Company Representative.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 8.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Investment Opportunities</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their
          respective subsidiaries), any of their respective affiliates (other than the Company, the Managing Member or any of their respective subsidiaries), or any of their respective officers, directors, agents, shareholders, members, and partners (each,
          a &#8220;<b><u>Business Opportunities Exempt Party</u></b>&#8221;). The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any
          Business Opportunities Exempt Party. No Business Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have
          any duty to communicate or offer such opportunity to the Company. No amendment or repeal of this <u>Section 8.4</u> shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with
          respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and
          consented to the provisions of this <u>Section 8.4</u>. Neither the alteration, amendment or repeal of this <u>Section 8.4</u>, nor the adoption of any provision of this Agreement inconsistent with this <u>Section 8.4</u>, shall eliminate or
          reduce the effect of this <u>Section 8.4</u> in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this <u>Section 8.4</u>, would accrue or arise, prior to
          such alteration, amendment, repeal or adoption.</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article IX</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>TRANSFERS OF INTERESTS</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 9.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Restrictions on Transfer</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Except as provided in <u>Section 4.6</u> or any Transfer by a Member to a Permitted Transferee, no Member shall Transfer all or any portion of its Interest without the Managing Member&#8217;s prior written consent, which consent shall be granted or
          withheld in the Managing Member&#8217;s sole discretion. If, notwithstanding the provisions of this <u>Section 9.1(a)</u>, all or any portion of a Member&#8217;s Interests are Transferred in violation of this <u>Section 9.1(a)</u>, involuntarily, by
          operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a
          Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission, which consent shall be granted or
          withheld in the Managing Member&#8217;s sole discretion. Any attempted or purported Transfer of all or a portion of a Member&#8217;s Interests in violation of this <u>Section 9.1(a)</u> shall be null and void and of no force or effect whatsoever. For the
          avoidance of doubt, the restrictions on Transfer contained in this <u>Article IX</u> shall not apply to the Transfer of any capital stock of the Managing Member; <i>provided </i>that no shares of Class B Common Stock may be Transferred unless
          a corresponding number of Units are Transferred therewith in accordance with this Agreement.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>In addition to any other restrictions on Transfer herein contained, including the provisions of this <u>Article IX</u>, in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right,
          power or capacity to own Interests; (ii) if such Transfer (A) would be considered to be effected on or through an &#8220;established securities market&#8221; or a &#8220;secondary market or the substantial equivalent thereof,&#8221; as such terms are used in Treasury
          Regulations Section 1.7704-1, (B) would result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section
          1.7704-1(h)(3)), or (C) would cause the Company to be treated as a &#8220;publicly traded partnership&#8221; within the meaning of Section 7704 of the Code or a successor provision or to be taxed as a corporation pursuant to the Code or successor of the
          Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a &#8220;party-in-interest&#8221; (as defined in Section 3(14) of ERISA) or a &#8220;disqualified person&#8221; (as defined in Section
          4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise
          cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to
          regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law). Any attempted or purported Transfer of all or a portion of a Member&#8217;s Interests in violation of this <u>Section 9.1(b)</u>
          shall be null and void and of no force or effect whatsoever.</td>
      </tr>

  </table>
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  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 9.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Notice of Transfer</u></b>. Other than in connection with Transfers
    made pursuant to <u>Section 4.6</u>, each Member shall, after complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer of Interests, give written notice to the Company of such Transfer.
    Each such notice shall describe the manner and circumstances of the Transfer.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 9.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Transferee Members</u></b>. A Transferee of Interests pursuant to this
    <u>Article IX</u> shall have the right to become a Member only if (i) the requirements of this <u>Article IX</u> are met, (ii) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and
    provisions of this Agreement and assuming all of the Transferor&#8217;s then existing and future Liabilities arising under or relating to this Agreement, (iii) such Transferee represents that the Transfer was made in accordance with all applicable securities
    Laws, (iv) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys&#8217; fees and expenses) of any Transfer or proposed Transfer of a Member&#8217;s Interest, whether or not consummated and (v) if such
    Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee&#8217;s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this
    Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member&#8217;s Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the
    Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor
    or any of its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member. Notwithstanding anything to the contrary in this <u>Section 9.3</u>, and except as otherwise
    provided in this Agreement, following a Transfer by one or more Members (or a transferee of the type described in this sentence) to a Permitted Transferee of all or substantially all of their Interests, such transferee shall succeed to all of the
    rights of such Member(s) under this Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 9.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Legend</u></b>. Each certificate representing a Unit, if any, will be
    stamped or otherwise imprinted with a legend in substantially the following form:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&#8220;THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
    SECURITIES ACT OF 1933.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH
    ACT.</p>
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  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE FOURTH AMENDED AND RESTATED
    LIMITED LIABILITY COMPANY AGREEMENT OF SOLARIS MIDSTREAM HOLDINGS, LLC DATED AS OF OCTOBER 26, 2021 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE
    VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.&#8221;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article X</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>ACCOUNTING</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 10.1&#160;&#160;&#160;</font><b><u>Books of Account</u></b>. The Company shall, and shall cause each
    Subsidiary to, maintain true books and records of account in which full and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set aside on
    its books all such proper accruals and reserves as shall be required under GAAP.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 10.2&#160;&#160;&#160;</font><b><u>Tax Elections</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>The Company and any eligible Subsidiary shall make an election (or continue a previously made election) pursuant to Section 754 of the Code for the taxable year of the Company that includes the date hereof, shall not thereafter revoke such
          election. In addition, the Company shall make the following elections on the appropriate forms or tax returns:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td style="text-align: justify">to adopt the calendar year as the Company&#8217;s Fiscal Year, if permitted under the Code;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(ii)</font></td>
        <td style="text-align: justify">to adopt the accrual method of accounting for U.S. federal income tax purposes;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iii)</font></td>
        <td style="text-align: justify">to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iv)</font></td>
        <td style="text-align: justify">any other election the Managing Member may deem appropriate and in the best interests of the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>The Company shall not make any election to be an association taxable as a corporation for U.S. federal income tax purposes (including by filing any U.S. Internal Revenue Service Form 8832 that would cause the Company to be taxed as a
          corporation for U.S. federal income tax purposes).</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 10.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Tax Returns</u>; <u>Information</u></b>. The Managing Member shall
    arrange for the preparation and timely filing of all income and other tax and informational returns of the Company. The Managing Member shall furnish to each Member a copy of each approved return and statement, together with any schedules or other
    information which each Member may require in connection with such Member&#8217;s own tax affairs as soon as practicable (but in no event more than 75 days after the end of each Fiscal Year). The Members agree to take all actions reasonably requested by the
    Company or the Company Representative to comply with Sections 6225 or 6226 of the Code and the obligations of the Company Representative and providing confirmation thereof to the Company Representative.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 10.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Company Representative</u></b>. The Managing Member is specially
    authorized and appointed to act as the Company Representative and in any similar capacity under state or local Law. The Company Representative may retain, at the Company&#8217;s expense, such outside counsel, accountants and other professional consultants as
    it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. Each Member agrees to cooperate with the Company Representative and to do or refrain from doing any or all things reasonably requested by the
    Company Representative with respect to the conduct of such proceedings. The Members shall cooperate in good faith in order to minimize the financial burden on the Company of any imputed underpayment under Section 6225 of the Code (or any successor
    provision), including an election and the furnishing of statements pursuant to Section 6226 of the Code or through the adoption of the procedure established by Section 6225(c) of the Code (or any successor provision).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 10.5&#160;&#160;&#160;&#160;&#160;</font><b><u>Withholding Tax Payments and Obligations</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>The Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company and its Subsidiaries to
          withhold or pay on behalf of or with respect to such Member any amount of taxes that the Managing Member determines, in good faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount
          distributable or allocable to such Member pursuant to this Agreement.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>To the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of its Subsidiaries and the Managing Member determines, in good faith, that such tax relates to one or more specific Members (including any tax
          payable by the Company or any of its Subsidiaries pursuant to Section 6225 of the Code with respect to items of income, gain, loss deduction or credit allocable or attributable to such Member), such tax shall be treated as an amount of taxes
          withheld or paid with respect to such Member pursuant to this <u>Section 10.5</u>.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>For all purposes under this Agreement, any amounts withheld or paid with respect to a Member pursuant to this <u>Section 10.5</u> shall be treated as if distributed to such Member at the time such withholding or payment is made. Further, to
          the extent that the cumulative amount of such withholding or payment for any period exceeds the distributions to which such Member is entitled for such period, the amount of such excess shall be considered a loan from the Company to such Member,
          with interest accruing at the Prime Rate in effect from time to time, compounded annually. The Managing Member may, in its discretion, either demand payment of the principal and accrued interest on such demand loan at any time (which payment
          shall not be deemed a Capital Contribution for purposes of this Agreement), and enforce payment thereof by legal process, or may withhold from one or more distributions to a Member amounts sufficient to satisfy such Member&#8217;s obligations under any
          such demand loan.</td>
      </tr>

  </table>
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  </div>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Neither the Company nor the Managing Member shall be liable for any excess taxes withheld in respect of any Member, and, in the event of overwithholding, a Member&#8217;s sole recourse shall be to apply for a refund from the appropriate Governmental
          Entity.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(e)</font></td>
        <td>Notwithstanding any other provision of this Agreement, (i) any Person who ceases to be a Member shall be treated as a Member for purposes of this <u>Section 10.5</u> and (ii) the obligations of a Member pursuant to this <u>Section 10.5</u>
          shall survive indefinitely with respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually a Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such
          period.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article XI</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>DISSOLUTION AND TERMINATION</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Liquidating Events</u></b>. The Company shall dissolve and commence
    winding up and liquidating upon the first to occur of the following (each, a &#8220;<u>Liquidating Event</u>&#8221;):</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>The sale of all or substantially all of the assets of the Company; and</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>The determination of the Managing Member to dissolve, wind up, and liquidate the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a
    dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections (a) and (b) above. If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the
    occurrence of a Liquidating Event, the Members hereby agree to continue the business of the Company without a winding up or liquidation. In the event of a dissolution pursuant to <u>Section 11.1(b)</u>, the relative economic rights of each class of
    Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to <u>Section 11.3</u> in connection with such dissolution, taking into consideration tax and
    other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class
    consent in writing to a treatment other than as described above.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Bankruptcy</u></b>. For purposes of this Agreement, the &#8220;bankruptcy&#8221;
    of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or
    trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive
    days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any
    substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws
    of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue
    undischarged or unstayed for a period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise)
    against that Member and shall remain undismissed for a period of 90 consecutive days.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Procedure</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate the Company&#8217;s investments; <i>provided </i>that if a Member is in bankruptcy or dissolved,
          another Member, who shall be the Managing Member (&#8220;<b><u>Winding-Up Member</u></b>&#8221;) shall commence to wind up the affairs of the Company and, subject to <u>Section 11.4(a)</u>, such Winding-Up Member shall have full right and unlimited
          discretion to determine in good faith the time, manner and terms of any sale or sales of the Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and
          economic conditions. The Members shall continue to share profits, losses and distributions during the period of liquidation in the same manner and proportion as though the Company had not dissolved. The Company shall engage in no further business
          except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to preserve the value of the Company&#8217;s assets during the period of dissolution and liquidation.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in <u>Article V</u>, the proceeds of the liquidation and any other funds of the Company shall be distributed in the following order
          of priority:</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td>First, to the payment and discharge of all of the Company&#8217;s debts and Liabilities to creditors (whether third parties or Members), in the order of priority as provided by Law, except any obligations to the Members in respect of their Capital
          Accounts;</td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(ii)</font></td>
        <td>Second, to set up such cash reserves which the Managing Member reasonably deems necessary for contingent or unforeseen Liabilities or future payments described in <u>Section 11.3(b)(i)</u> (which reserves when they become unnecessary shall be
          distributed in accordance with the provisions of subsection (iii), below); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iii)</font></td>
        <td>Third, the balance to the Members, <i>pro rata </i>in accordance with the number of Units owned by each Member.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>Except as provided in <u>Section 11.4(a)</u>, no Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(d)</font></td>
        <td>Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing Member or the Winding-Up Member, as the case may be, shall have the authority to execute and record a
          certificate of cancellation of the Company, as well as any and all other documents required to effectuate the dissolution and termination of the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Rights of Members</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its
          Capital Contributions, distributions or allocations.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.5&#160;&#160;&#160;&#160;&#160;</font><b><u>Notices of Dissolution</u></b>. In the event a Liquidating Event
    occurs or an event occurs that would, but for the provisions of <u>Section 11.1</u>, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the Members and to all other
    parties with whom the Company regularly conducts business (as determined in the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.6&#160;&#160;&#160;&#160;&#160;</font><b><u>Reasonable Time for Winding Up</u></b>. A reasonable time shall be
    allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 11.7&#160;&#160;&#160;&#160;&#160;</font><b><u>No Deficit Restoration</u></b>. No Member shall be personally liable
    for a deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="text-transform: uppercase; color: #010000"><b>Article XII</b></font><br>
    <br>
    <font style="text-transform: uppercase"><b>GENERAL</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 12.1&#160;&#160;&#160;&#160;&#160;</font><b><u>Amendments; Waivers</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(a)</font></td>
        <td>The terms and provisions of this Agreement may be modified or amended (including by means of merger, consolidation or other business combination to which the Company is a party) with the approval of the Managing Member and each Member who at
          such time holds (together with its Affiliates) at least five percent (5%) of the then outstanding Units; <i>provided</i>, <i>however</i>, that no amendment or modification to this Agreement may:</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(i)</font></td>
        <td style="text-align: justify">be made to this <u>Section 12.1</u> without the prior written consent of the Managing Member and each of the Members;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(ii)</font></td>
        <td style="text-align: justify">modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each such affected Member; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(iii)</font></td>
        <td style="text-align: justify">materially alter or change any rights, preferences or privileges of any Interests in a manner that is different, adverse or prejudicial relative to any other Interests, without the approval of a majority in interest
          of the Members holding the Interests affected in such a different, adverse or prejudicial manner.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(b)</font></td>
        <td>Notwithstanding the foregoing subsection (a), the Managing Member, acting alone, may amend this Agreement, including <u>Exhibit A</u>, (i) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or
          Equity Securities, as provided by the terms of this Agreement, and, subject to <u>Section 12.1(a)</u>, subdivisions or combinations of Units made in compliance with <u>Section 4.1(g)</u>, (ii) to the minimum extent necessary to (A) comply with
          the provisions of the Bipartisan Budget Act of 2015 and any Treasury Regulations or other administrative pronouncements promulgated thereunder and (B) to administer the effects of such provisions in an equitable manner and (iii) as necessary to
          avoid the Company being classified as a &#8220;publicly traded partnership&#8221; within the meaning of Section 7704(b) of the Code.</td>
      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: #010000">(c)</font></td>
        <td>No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to the
          specific purpose, extent and instance so provided.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 12.2&#160;&#160;&#160;&#160;&#160;</font><b><u>Further Assurances</u></b>. Each party agrees that it will from time
    to time, upon the reasonable request of another party, execute such documents and instruments and take such further action as may be required to accomplish the purposes of this Agreement.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 12.3&#160;&#160;&#160;&#160;&#160;</font><b><u>Successors and Assigns</u></b>. All of the terms and provisions of
    this Agreement shall be binding upon the parties and their respective executors, administrators, successors and permitted assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly permitted.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="color: #010000">Section 12.4&#160;&#160;&#160;&#160;&#160;</font><b><u>Entire Agreement</u></b>. This Agreement, together with all Exhibits
    and Schedules hereto and all other agreements referenced therein and herein, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings,
    negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.</p>
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    Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any
    combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to
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    parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed by and construed in accordance with
    the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal Law or are governed as a matter of
    controlling Law by the Law of the jurisdiction of organization of the respective parties.</p>
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    consent to be subject to the jurisdiction of any federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a &#8220;<u>Legal Action</u>&#8221;) arising out of or in connection with this Agreement. The parties
    hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal
    Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this <u>Section


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    other agreement (or document) delivered pursuant hereto may be executed and delivered (including by electronic means) in one or more counterparts and by different parties in separate counterparts. All of such counterparts shall constitute one and the
    same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have been signed by each party and delivered to the other party.</p>
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    9811 Katy Freeway, Suite 700<br>
    Houston, TX 77024<br>
    Facsimile: (281) 501-3070<br>
    Electronic mail: amanda.brock@solariswater.com<br>
    Attention: Amanda M. Brock<br>
    With copies (which shall not constitute notice) to:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&#160;</p>
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    811 Main Street, Suite 3000<br>
    Houston, TX 77002<br>
    Facsimile: (346) 718-6602<br>
    Electronic mail: hholmes@gibsondunn.com<br>
    Attention: Hillary H. Holmes</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">or to such other address or to such other Person as either party shall have last designated by such notice to the other parties. Each such notice or
    other communication shall be effective (i) if given by telecommunication or electronically, when transmitted to the applicable number or electronic mail address so specified in (or pursuant to) this <u>Section 12.10</u> and an appropriate answerback
    is received or, if transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately
    following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as
    aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt.</p>
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    acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that would require interpretation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-variant: small-caps">Signature Page To<br>
      Fourth Amended And Restated Limited Liability Company Agreement Of<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-variant: small-caps">Signature Page To<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-variant: small-caps">Signature Page To<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-variant: small-caps">Signature Page To<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-variant: small-caps">Signature Page To<br>
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      incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with respect to
      any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate of incorporation or bylaws, or other agreement; or</font></p>
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      (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was
      authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is appropriate.</font></p>
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        Action by or in the Right of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to,
      or was or is otherwise involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director,
      officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including
      service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including
      judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith
      and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a
      director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another
      corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the
      Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the
      Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such
      indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the
      Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to
      indemnification for such expense, liability, and loss as such court shall deem proper.</font></p>
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      merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final
      judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and
      reasonably incurred by the Indemnitee in connection therewith.</font></p>
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      judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or
      arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually
      and reasonably incurred to which the Indemnitee is entitled.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification
      against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s service as a director or
      officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or
      completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is threatened to be made, a party.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Determination of Entitlement to Indemnification</u>. To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall
      include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of
      the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section&#160;6 or Section&#160;8 of this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected by
      the Board of Directors, except with respect to Section&#160;9(e) below): (a)&#160;the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)&#160;a committee of Disinterested Directors
      designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c)&#160;if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of
      Directors, a copy of which shall be delivered to the Indemnitee; (d)&#160;the stockholders of the Company; or (e)&#160;in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which
      shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the
      Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon
      application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar
      days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for
      indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Presumptions and Effect of Certain
        Proceedings</u>. The Secretary of the Company shall, promptly upon receipt of the Indemnitee&#8217;s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as
      provided in Section&#160;9 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of
      proof in making any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after
      receipt by the Secretary of the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the
      request for indemnification. The termination of any Proceeding described in Sections&#160;4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent, shall not, of itself (a)&#160;create a presumption that
      the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct
      was unlawful or (b)&#160;otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit</u>. In the event that a determination is made that the Indemnitee is not entitled to
      indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections&#160;9 and 10, or if an advancement of Expenses is not timely made pursuant to Section&#160;16, the Indemnitee may at
      any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the
      Indemnitee at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days
      following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification
      hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the
      DGCL, including the standard described in Section&#160;4 or&#160;5, as applicable.&#160; Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such
      Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including the
      Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the
      circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders)
      that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such
      suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of
      proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section&#160;11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section&#160;9
      or&#160;10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not
      valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section&#160;11 that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions
      to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in
      connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the
      terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense
      of such suit, to the fullest extent permitted by law.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Non-Exclusivity of Rights</u>. The
      rights to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or
      Disinterested Directors, provisions of a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Expenses to Enforce Agreement</u>. In the event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or
      seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be
      entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Continuation of Indemnity</u>. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the
      Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise,
      including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at
      the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
      binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee&#8217;s heirs, executors, and
      administrators.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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<DOCUMENT>
<TYPE>EX-10.3
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<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
10.3</b></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEMNIFICATION
AGREEMENT</b></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indemnification Agreement (this &ldquo;<u>Agreement</u>&rdquo;) is entered into as of October 21, 2021 (the &ldquo;<u>Effective
Date</u>&rdquo;) by and between Aris Water Solutions, Inc., a Delaware corporation (the &ldquo;<u>Company</u>&rdquo;), and Amanda
M. Brock (the &ldquo;<u>Indemnitee</u>&rdquo;).</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RECITALS</b></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Board of Directors (the &ldquo;<u>Board</u>&rdquo;) has determined that the inability to attract and retain qualified persons
as directors and officers is detrimental to the best interests of the Company&rsquo;s stockholders and that the Company should
act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against
risks of claims and actions against them arising out of their service to and activities on behalf of the Company;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and
officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the &ldquo;<u>DGCL</u>&rdquo;),
and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification
and advancement of expenses;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve
as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and
to otherwise promote the desirable end that such persons shall resist what they consider unjustified lawsuits and claims made
against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs,
judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to be borne by
the Company and they shall receive appropriate protection against such risks and liabilities, the Board has determined that the
following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company desires to have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity
with respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate,
or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the
Indemnitee&rsquo;s duty to the Company; and the Indemnitee desires to continue so to serve the Company, <u>provided</u>, and on
the express condition, that he or she is furnished with the protections set forth hereinafter.</font></p>


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGREEMENT</b></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the Indemnitee&rsquo;s continued service as a director or officer of the Company, the parties hereto
agree as follows:</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Definitions</u>. For purposes of this Agreement:</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A &ldquo;<u>Change in Control</u>&rdquo; will
be deemed to have occurred if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month
period, constituted the Board (the &ldquo;<u>Incumbent Board</u>&rdquo;) cease for any reason to constitute at least a majority
of the Board; <u>provided</u>, <u>however</u>, that any individual becoming a director subsequent to the beginning of such 24-month
period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual
or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a person other than the Board.</font></p>



<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<u>Disinterested Director</u>&rdquo; means
a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought
by the Indemnitee.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<u>Expenses</u>&rdquo; includes, without
limitation, expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute
resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending,
or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether
of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys&rsquo; fees, witness fees and expenses,
fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for,
and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing
a right to indemnification or advancement under Sections&nbsp;9, 11, 13, and 16 hereof, but shall not include the amount of judgments,
fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf
of the Indemnitee.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<u>Independent Counsel</u>&rdquo; means
a law firm or a member of a law firm that neither is presently nor in the past five years has been retained to represent (i)&nbsp;the
Company or the Indemnitee in any matter material to either such party or (ii)&nbsp;any other party to the Proceeding giving rise
to a request for indemnification hereunder. Notwithstanding the foregoing, the term &ldquo;Independent Counsel&rdquo; shall not
include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or the Indemnitee in an action to determine the Indemnitee&rsquo;s right to indemnification
under this Agreement.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<u>Proceeding</u>&rdquo; means any action,
suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative
hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise,
including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which
the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the
Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee
is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can
be provided under this Agreement.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Service by the Indemnitee</u>. The Indemnitee
shall serve and/or continue to serve as a director or officer of the Company faithfully and to the best of the Indemnitee&rsquo;s
ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee&rsquo;s successor is elected
and qualified or the Indemnitee is removed as permitted by applicable law or tenders a resignation in writing.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification and Advancement of Expenses</u>.
The Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition
of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by
the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without
diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement
of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification
or advancement of Expenses shall be paid to the Indemnitee:</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the extent expressly prohibited by applicable
law or the Bylaws of the Company;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and to the extent that payment is actually
made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, provision
of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee
shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with
respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate
of incorporation or bylaws, or other agreement; or</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in connection with an action, suit, or proceeding,
or part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted
by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding
or arbitration pursuant to Section&nbsp;11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or
part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines
that indemnification or advancement of Expenses is appropriate.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Action or Proceedings Other than an Action
by or in the Right of the Company</u>. Except as limited by Section&nbsp;3 above, the Indemnitee shall be entitled to the indemnification
rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise
involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee
is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee
of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another
corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee
shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts
paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection
with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
his or her conduct was unlawful.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnity in Proceedings by or in the Right
of the Company</u>. Except as limited by Section&nbsp;3 above, the Indemnitee shall be entitled to the indemnification rights
provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved
in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the
Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the
Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties,
amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee
in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall
be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State
of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense,
liability, and loss as such court shall deem proper.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification for Costs, Charges, and Expenses
of Successful Party</u>. Notwithstanding any limitations of Sections&nbsp;3(c), 4 and 5 above, to the extent that the Indemnitee
has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim,
issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that
the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Partial Indemnification</u>. If the Indemnitee
is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability,
and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee,
and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding
or arbitration pursuant to Section&nbsp;11 to enforce rights under this Agreement, but not, however, for all of the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually
and reasonably incurred to which the Indemnitee is entitled.</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification for Expenses of a Witness</u>.
Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled
to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&rsquo;s behalf
if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee&rsquo;s
service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative
dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened,
pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to
which the Indemnitee neither is, nor is threatened to be made, a party.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Determination of Entitlement to Indemnification</u>.
To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company.
Such request shall include documentation or information that is necessary for such determination and is reasonably available to
the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement
of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section&nbsp;6 or Section&nbsp;8 of
this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected
by the Board of Directors, except with respect to Section&nbsp;9(e) below): (a)&nbsp;the Board of Directors of the Company by
a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)&nbsp;a committee of Disinterested
Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c)&nbsp;if there
are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the
Board of Directors, a copy of which shall be delivered to the Indemnitee; (d)&nbsp;the stockholders of the Company; or (e)&nbsp;in
the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy
of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved
by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the
Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so
to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application
to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt
by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine
that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person
shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Presumptions and Effect of Certain Proceedings</u>.
The Secretary of the Company shall, promptly upon receipt of the Indemnitee&rsquo;s written request for indemnification, advise
in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section&nbsp;9
that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall
be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination
contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested
determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request,
a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely
entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described
in Sections&nbsp;4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent,
shall not, of itself (a)&nbsp;create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had reasonable cause to believe his or her conduct was unlawful or (b)&nbsp;otherwise adversely affect the rights of the Indemnitee
to indemnification except as may be provided herein.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Remedies of the Indemnitee in Cases of Determination
Not to Indemnify or to Advance Expenses; Right to Bring Suit</u>. In the event that a determination is made that the Indemnitee
is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification
pursuant to Sections&nbsp;9 and 10, or if an advancement of Expenses is not timely made pursuant to Section&nbsp;16, the Indemnitee
may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement
of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee
at the Indemnitee&rsquo;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware
pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing
of the demand for arbitration. The Company shall not oppose the Indemnitee&rsquo;s right to seek any such adjudication or award
in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not
in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that
the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard
described in Section&nbsp;4 or&nbsp;5, as applicable.&nbsp; Further, in any suit brought by the Company to recover an advancement
of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial
decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the
standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a committee of
Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such
suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard
of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described
above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such
a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification
or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms
of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses,
under this Section&nbsp;11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant
to the terms of Section&nbsp;9 or&nbsp;10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such
determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination
was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator
pursuant to this Section&nbsp;11 that the Company is bound by all the provisions of this Agreement and is precluded from making
any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification
or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in
connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest
extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of
an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such
suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit,
to the fullest extent permitted by law.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Non-Exclusivity of Rights</u>. The rights
to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right
that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors,
provisions of a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Expenses to Enforce Agreement</u>. In the
event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability
of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&rsquo;s rights under,
or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action,
suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses
actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Continuation of Indemnity</u>. All agreements
and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee,
agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company
as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other
enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible
claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving
at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and
any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee&rsquo;s heirs, executors, and administrators.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Notification and Defense of Proceeding</u>.
Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or
an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing
of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have
to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee
notifies the Company:</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall be entitled to participate
therein at its own expense;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except as otherwise provided in this Section&nbsp;15(b),
to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to
assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its
election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses
of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below.
The Indemnitee shall have the right to employ the Indemnitee&rsquo;s own counsel in such Proceeding, but the fees and expenses
of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the
Indemnitee unless (i)&nbsp;the employment of counsel by the Indemnitee has been authorized by the Company, (ii)&nbsp;the Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct
of the defense of such Proceeding, or (iii)&nbsp;the Company shall not within 60 calendar days of receipt of notice from the Indemnitee
in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee&rsquo;s
counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought
by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any other provision of this Agreement,
the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding
effected without the Company&rsquo;s written consent, or for any judicial or other award, if the Company was not given an opportunity,
in accordance with this Section&nbsp;15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding
in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that
would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the
Indemnitee, without the Indemnitee&rsquo;s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold
its consent to any proposed settlement.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Advancement of Expenses</u>. All Expenses
incurred by the Indemnitee in defending any Proceeding described in Section&nbsp;4 or 5 shall be paid by the Company in advance
of the final disposition of such Proceeding at the request of the Indemnitee. The Indemnitee&rsquo;s right to advancement shall
not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee&rsquo;s
ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses
under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably
evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent
jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses
by the Company as provided by this Agreement or otherwise. The Indemnitee&rsquo;s undertaking to repay any such amounts is not
required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary
of the Company of such written request. The Indemnitee&rsquo;s entitlement to Expenses under this Agreement shall include those
incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration
pursuant to Section&nbsp;11 of this Agreement (including the enforcement of this provision) to the extent the court or arbitrator
shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Severability; Prior Indemnification Agreements</u>.
If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable as applied to any person
or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a)&nbsp;the validity, legality,
and enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable,
that are not by themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities
or circumstances shall not in any way be affected or impaired thereby, and (b)&nbsp;to the fullest extent possible, the provisions
of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision
held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed
so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent
set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Headings; References; Pronouns</u>. The headings
of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and
any variations thereof shall be deemed to refer to the singular or plural as appropriate.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Other Provisions</u>.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement and all disputes or controversies
arising out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State
of Delaware, without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles
of the State of Delaware.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other party.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement shall not be deemed an employment
contract between the Company and any Indemnitee who is an officer of the Company, and, if the Indemnitee is an officer of the
Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without
cause, and with or without severance compensation, except as may be otherwise provided in a separate written contract between
the Indemnitee and the Company.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (excluding insurance
obtained on the Indemnitee&rsquo;s own behalf), and the Indemnitee shall execute all papers required and shall do everything that
may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively
to bring suit to enforce such rights.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement may not be amended, modified,
or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated
as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy
hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise
thereof or the exercise of any other right or power.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Company and the Indemnitee have caused this Agreement to be executed as of the date first written above.</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARIS WATER SOLUTIONS, INC.</font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 47%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Brenda R. Schroer</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Brenda R. Schroer</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNITEE</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Amanda M. Brock</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Amanda M. Brock</font></td></tr>
</table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-variant: small-caps">Signature
Page to Indemnification Agreement</font></p>



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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>7
<FILENAME>nt10025419x24_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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  <head>
    <title></title>
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  <div style="width: 100%;font-size: 1pt;border-top: 4pt solid #000000;">&#160;</div>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin: 0pt;"><b><b>Exhibit 10.4</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>INDEMNIFICATION AGREEMENT</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">This Indemnification Agreement (this &#8220;<u>Agreement</u>&#8221;) is entered into as of October 21, 2021 (the &#8220;<u>Effective Date</u>&#8221;) by and between Aris Water Solutions, Inc.,
    a Delaware corporation (the &#8220;<u>Company</u>&#8221;), and Brenda R. Schroer (the &#8220;<u>Indemnitee</u>&#8221;).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>RECITALS</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Board of Directors (the &#8220;<u>Board</u>&#8221;) has determined that the inability to attract and retain qualified persons as directors and officers is detrimental
    to the best interests of the Company&#8217;s stockholders and that the Company should act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions against them
    arising out of their service to and activities on behalf of the Company;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and officers to the fullest extent
    authorized by the General Corporation Law of the State of Delaware (the &#8220;<u>DGCL</u>&#8221;), and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification and advancement of
    expenses;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the
    Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable end that such persons shall resist what they consider unjustified lawsuits and claims made against them in connection with
    the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall
    receive appropriate protection against such risks and liabilities, the Board has determined that the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Company desires to have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as
    the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the Indemnitee&#8217;s duty to
    the Company; and the Indemnitee desires to continue so to serve the Company, <u>provided</u>, and on the express condition, that he or she is furnished with the protections set forth hereinafter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>AGREEMENT</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">NOW, THEREFORE, in consideration of the Indemnitee&#8217;s continued service as a director or officer of the Company, the parties hereto agree as follows:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Definitions</u>. For purposes of this Agreement:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>A &#8220;<u>Change in Control</u>&#8221; will be deemed to have occurred if, with respect to any particular 24-month period, the
    individuals who, at the beginning of such 24-month period, constituted the Board (the &#8220;<u>Incumbent Board</u>&#8221;) cease for any reason to constitute at least a majority of the Board; <u>provided</u>, <u>however</u>, that any individual becoming a
    director subsequent to the beginning of such 24-month period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
    considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
    election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Disinterested Director</u>&#8221; means a director of the Company who is not or was not a party to the Proceeding in
    respect of which indemnification is being sought by the Indemnitee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Expenses</u>&#8221; includes, without limitation, expenses incurred in connection with the defense or settlement of any
    action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company
    or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys&#8217; fees, witness fees and expenses, fees and expenses of accountants and other advisors, retainers and
    disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections
    9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Independent Counsel</u>&#8221; means a law firm or a member of a law firm that neither is presently nor in the past five
    years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term
    &#8220;Independent Counsel&#8221; shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the
    Indemnitee&#8217;s right to indemnification under this Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Proceeding</u>&#8221; means any action, suit, arbitration, alternative dispute resolution mechanism, investigation,
    inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal,
    administrative, legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee,
    agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
    joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the
    time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    officer of the Company faithfully and to the best of the Indemnitee&#8217;s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee&#8217;s successor is elected and qualified or the Indemnitee is removed as permitted by
    applicable law or tenders a resignation in writing.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification and Advancement of Expenses</u>. The Company shall indemnify and hold harmless the
    Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL, as the same exists or may
    hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder
    shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to the extent expressly prohibited by applicable law or the Bylaws of the Company;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or
    under a valid and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the
    Company and subsequently so recovered by the Indemnitee), except with respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate of incorporation or bylaws, or other agreement; or</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee (including
    claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section 11 to enforce
    rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is
    appropriate.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Action or Proceedings Other than an Action by or in the Right of the Company</u>. Except as limited
    by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding (other than an
    action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at
    the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything
    done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or
    on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the
    best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnity in Proceedings by or in the Right of the Company</u>. Except as limited by Section 3
    above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of
    the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was
    serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of
    anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in
    settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
    opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
    adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the
    adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem proper.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Costs, Charges, and Expenses of Successful Party</u>. Notwithstanding any
    limitations of Sections 3(c), 4 and 5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without
    limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to
    be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Partial Indemnification</u>. If the Indemnitee is entitled under any provision of this Agreement to
    indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably
    incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall
    nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this
    Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf if the Indemnitee appears as a witness or
    otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation,
    inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is
    threatened to be made, a party.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Determination of Entitlement to Indemnification</u>. To receive indemnification under this
    Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by
    the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 or Section 8 of this Agreement, shall be
    determined by the following person or persons who shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 9(e) below): (a) the Board of Directors of the Company by a majority vote of
    Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no Disinterested
    Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in the event that a Change
    in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee,
    except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so
    to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
    determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall
    determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of
    the determination.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Presumptions and Effect of Certain Proceedings</u>. The Secretary of the Company shall, promptly upon
    receipt of the Indemnitee&#8217;s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section 9 that the Indemnitee has made such request for
    indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the
    person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite
    determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding
    described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent, shall not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the
    Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of
    the Indemnitee to indemnification except as may be provided herein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right
      to Bring Suit</u>. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10,
    or if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such
    suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules
    of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award in arbitration. In any
    suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has
    not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard described in Section 4 or 5, as applicable. Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the
    terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct
    described above. Neither the failure of the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or
    arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
    Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the
    case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of
    Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the Company. If a determination is made or
    deemed to have been made pursuant to the terms of Section 9 or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the
    procedure by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section 11 that the Company is bound by all the provisions of this
    Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually
    and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover
    an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or
    otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Non-Exclusivity of Rights</u>. The rights to indemnification and to the advancement of Expenses
    provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors, provisions of a charter or bylaws
    (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Expenses to Enforce Agreement</u>. In the event that the Indemnitee is subject to or intervenes in
    any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under, or to recover damages for breach of, this Agreement, the
    Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the
    Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Continuation of Indemnity</u>. All agreements and obligations of the Company contained herein shall
    continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or
    trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the
    Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other
    enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or
    operation of law) and shall inure to the benefit of the Indemnitee&#8217;s heirs, executors, and administrators.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notification and Defense of Proceeding</u>. Promptly after receipt by the Indemnitee of notice of any
    Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so
    to notify the Company shall not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall be entitled to participate therein at its own expense;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as otherwise provided in this Section 15(b), to the extent that it may wish, the Company, jointly with any other
    indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not
    be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the
    Indemnitee&#8217;s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the
    Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or (iii) the Company
    shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee&#8217;s counsel shall be at the expense of the
    Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and</p>
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    under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company&#8217;s written consent, or for any judicial or other award, if the Company was not given an opportunity, in accordance with this Section 15, to
    participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that would directly or indirectly
    constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee, without the Indemnitee&#8217;s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any proposed
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    and advances shall be made without regard to the Indemnitee&#8217;s ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses under this Agreement, the Indemnitee shall submit a written
    request to the Secretary of the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced if it
    shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this
    Agreement or otherwise. The Indemnitee&#8217;s undertaking to repay any such amounts is not required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary of the Company of such written
    request. The Indemnitee&#8217;s entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to Section 11 of this
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    other circumstance and of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by
    themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this
    Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as
    to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
    between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin-top: 0pt;margin-bottom: 0pt;"><b><b>Exhibit 10.5</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>INDEMNIFICATION AGREEMENT</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">This Indemnification Agreement (this &#8220;<u>Agreement</u>&#8221;) is entered into as of October 21, 2021 (the &#8220;<u>Effective Date</u>&#8221;) by and between Aris Water Solutions, Inc.,
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>RECITALS</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Board of Directors (the &#8220;<u>Board</u>&#8221;) has determined that the inability to attract and retain qualified persons as directors and officers is detrimental
    to the best interests of the Company&#8217;s stockholders and that the Company should act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions against them
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and officers to the fullest extent
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    action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company
    or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys&#8217; fees, witness fees and expenses, fees and expenses of accountants and other advisors, retainers and
    disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections
    9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.</p>
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    years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term
    &#8220;Independent Counsel&#8221; shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the
    Indemnitee&#8217;s right to indemnification under this Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Proceeding</u>&#8221; means any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry,
    judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative,
    legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee
    of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture,
    trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense,
    liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement.</p>
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    officer of the Company faithfully and to the best of the Indemnitee&#8217;s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee&#8217;s successor is elected and qualified or the Indemnitee is removed as permitted by
    applicable law or tenders a resignation in writing.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification and Advancement of Expenses</u>. The Company shall indemnify and hold harmless the
    Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL, as the same exists or may
    hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder
    shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to the extent expressly prohibited by applicable law or the Bylaws of the Company;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or
    under a valid and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the
    Company and subsequently so recovered by the Indemnitee), except with respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate of incorporation or bylaws, or other agreement; or</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee (including
    claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section 11 to enforce
    rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is
    appropriate.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;color: #010000;margin: 0pt;"><font style="color: #010000;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Action or Proceedings Other than an Action by or in the Right of the Company</u>. Except as limited by
    Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding (other than an
    action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at
    the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything
    done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or
    on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the
    best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.</p>
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    above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of
    the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was
    serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of
    anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in
    settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
    opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
    adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the
    adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem proper.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Costs, Charges, and Expenses of Successful Party</u>. Notwithstanding any
    limitations of Sections 3(c), 4 and 5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without
    limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to
    be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;color: #010000;margin: 0pt;"><font style="color: #010000;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Partial Indemnification</u>. If the Indemnitee is entitled under any provision of this Agreement to
    indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably
    incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall
    nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this
    Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf if the Indemnitee appears as a witness or
    otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation,
    inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is
    threatened to be made, a party.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Determination of Entitlement to Indemnification</u>. To receive indemnification under this
    Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by
    the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 or Section 8 of this Agreement, shall be
    determined by the following person or persons who shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 9(e) below): (a) the Board of Directors of the Company by a majority vote of
    Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no Disinterested
    Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in the event that a Change
    in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee,
    except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so
    to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
    determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall
    determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of
    the determination.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Presumptions and Effect of Certain Proceedings</u>. The Secretary of the Company shall, promptly
    upon receipt of the Indemnitee&#8217;s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section 9 that the Indemnitee has made such request for
    indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the
    person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite
    determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding
    described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent, shall not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the
    Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of
    the Indemnitee to indemnification except as may be provided herein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right
      to Bring Suit</u>. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10,
    or if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such
    suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules
    of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award in arbitration. In any
    suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has
    not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard described in Section 4 or 5, as applicable. Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the
    terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct
    described above. Neither the failure of the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or
    arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
    Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the
    case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of
    Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the Company. If a determination is made or
    deemed to have been made pursuant to the terms of Section 9 or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the
    procedure by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section 11 that the Company is bound by all the provisions of this
    Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually
    and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover
    an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or
    otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Non-Exclusivity of Rights</u>. The rights to indemnification and to the advancement of Expenses
    provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors, provisions of a charter or bylaws
    (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</p>
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    Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the
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    enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or
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    Indemnitee&#8217;s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the
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    request to the Secretary of the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced if it
    shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this
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    other circumstance and of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by
    themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this
    Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as
    to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
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<TYPE>EX-10.6
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<DESCRIPTION>EXHIBIT 10.6
<TEXT>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin: 0pt;"><b>Exhibit 10.6</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>INDEMNIFICATION AGREEMENT</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">This Indemnification Agreement (this &#8220;<u>Agreement</u>&#8221;) is entered into as of October 21, 2021 (the &#8220;<u>Effective Date</u>&#8221;) by and between Aris Water Solutions, Inc.,
    a Delaware corporation (the &#8220;<u>Company</u>&#8221;), and Joseph Colonnetta (the &#8220;<u>Indemnitee</u>&#8221;).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>RECITALS</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Board of Directors (the &#8220;<u>Board</u>&#8221;) has determined that the inability to attract and retain qualified persons as directors and officers is detrimental
    to the best interests of the Company&#8217;s stockholders and that the Company should act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions against them
    arising out of their service to and activities on behalf of the Company;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and officers to the fullest extent
    authorized by the General Corporation Law of the State of Delaware (the &#8220;<u>DGCL</u>&#8221;), and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification and advancement of
    expenses;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the
    Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable end that such persons shall resist what they consider unjustified lawsuits and claims made against them in connection with
    the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall
    receive appropriate protection against such risks and liabilities, the Board has determined that the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">WHEREAS, the Company desires to have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as
    the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the Indemnitee&#8217;s duty to
    the Company; and the Indemnitee desires to continue so to serve the Company, <u>provided</u>, and on the express condition, that he or she is furnished with the protections set forth hereinafter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin: 0pt;"><b><b>AGREEMENT</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">NOW, THEREFORE, in consideration of the Indemnitee&#8217;s continued service as a director or officer of the Company, the parties hereto agree as follows:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Definitions</u>. For purposes of this Agreement:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>A &#8220;<u>Change in Control</u>&#8221; will be deemed to have occurred if, with respect to any particular 24-month period, the
    individuals who, at the beginning of such 24-month period, constituted the Board (the &#8220;<u>Incumbent Board</u>&#8221;) cease for any reason to constitute at least a majority of the Board; <u>provided</u>, <u>however</u>, that any individual becoming a
    director subsequent to the beginning of such 24-month period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
    considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
    election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Disinterested Director</u>&#8221; means a director of the Company who is not or was not a party to the Proceeding in
    respect of which indemnification is being sought by the Indemnitee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Expenses</u>&#8221; includes, without limitation, expenses incurred in connection with the defense or settlement of any
    action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company
    or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys&#8217; fees, witness fees and expenses, fees and expenses of accountants and other advisors, retainers and
    disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections
    9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Independent Counsel</u>&#8221; means a law firm or a member of a law firm that neither is presently nor in the past five
    years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term
    &#8220;Independent Counsel&#8221; shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the
    Indemnitee&#8217;s right to indemnification under this Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#8220;<u>Proceeding</u>&#8221; means any action, suit, arbitration, alternative dispute resolution mechanism, investigation,
    inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal,
    administrative, legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee,
    agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
    joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the
    time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Service by the Indemnitee</u>. The Indemnitee shall serve and/or continue to serve as a director or
    officer of the Company faithfully and to the best of the Indemnitee&#8217;s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee&#8217;s successor is elected and qualified or the Indemnitee is removed as permitted by
    applicable law or tenders a resignation in writing.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification and Advancement of Expenses</u>. The Company shall indemnify and hold harmless the
    Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL, as the same exists or may
    hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder
    shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>to the extent expressly prohibited by applicable law or the Bylaws of the Company;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or
    under a valid and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the
    Company and subsequently so recovered by the Indemnitee), except with respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate of incorporation or bylaws, or other agreement; or</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee (including
    claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section 11 to enforce
    rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is
    appropriate.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Action or Proceedings Other than an Action by or in the Right of the Company</u>. Except as limited
    by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding (other than an
    action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at
    the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything
    done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or
    on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the
    best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnity in Proceedings by or in the Right of the Company</u>. Except as limited by Section 3
    above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of
    the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was
    serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of
    anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in
    settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
    opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
    adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the
    adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem proper.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Costs, Charges, and Expenses of Successful Party</u>. Notwithstanding any
    limitations of Sections 3(c), 4 and 5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without
    limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to
    be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Partial Indemnification</u>. If the Indemnitee is entitled under any provision of this Agreement to
    indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably
    incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall
    nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this
    Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf if the Indemnitee appears as a witness or
    otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation,
    inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is
    threatened to be made, a party.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Determination of Entitlement to Indemnification</u>. To receive indemnification under this
    Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by
    the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 or Section 8 of this Agreement, shall be
    determined by the following person or persons who shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 9(e) below): (a) the Board of Directors of the Company by a majority vote of
    Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no Disinterested
    Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in the event that a Change
    in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee,
    except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so
    to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
    determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall
    determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of
    the determination.</p>
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    receipt of the Indemnitee&#8217;s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section 9 that the Indemnitee has made such request for
    indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the
    person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite
    determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding
    described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent, shall not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the
    Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of
    the Indemnitee to indemnification except as may be provided herein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right
      to Bring Suit</u>. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10,
    or if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such
    suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules
    of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award in arbitration. In any
    suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has
    not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard described in Section 4 or 5, as applicable. Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the
    terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct
    described above. Neither the failure of the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or
    arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
    Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the
    case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of
    Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the Company. If a determination is made or
    deemed to have been made pursuant to the terms of Section 9 or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the
    procedure by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section 11 that the Company is bound by all the provisions of this
    Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually
    and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover
    an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or
    otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law.</p>
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    provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors, provisions of a charter or bylaws
    (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</p>
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    any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under, or to recover damages for breach of, this Agreement, the
    Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the
    Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or
    trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the
    Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other
    enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or
    operation of law) and shall inure to the benefit of the Indemnitee&#8217;s heirs, executors, and administrators.</p>
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    Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so
    to notify the Company shall not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall be entitled to participate therein at its own expense;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as otherwise provided in this Section 15(b), to the extent that it may wish, the Company, jointly with any other
    indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not
    be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the
    Indemnitee&#8217;s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the
    Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or (iii) the Company
    shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee&#8217;s counsel shall be at the expense of the
    Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any other provision of this Agreement, the Company shall not be liable to indemnify the Indemnitee
    under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company&#8217;s written consent, or for any judicial or other award, if the Company was not given an opportunity, in accordance with this Section 15, to
    participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that would directly or indirectly
    constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee, without the Indemnitee&#8217;s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any proposed
    settlement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;color: #010000;margin: 0pt;"><font style="color: #010000;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Advancement of Expenses</u>. All Expenses incurred by the Indemnitee in defending any Proceeding
    described in Section 4 or 5 shall be paid by the Company in advance of the final disposition of such Proceeding at the request of the Indemnitee. The Indemnitee&#8217;s right to advancement shall not be subject to the satisfaction of any standard of conduct
    and advances shall be made without regard to the Indemnitee&#8217;s ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses under this Agreement, the Indemnitee shall submit a written
    request to the Secretary of the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced if it
    shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this
    Agreement or otherwise. The Indemnitee&#8217;s undertaking to repay any such amounts is not required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary of the Company of such written
    request. The Indemnitee&#8217;s entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to Section 11 of this
    Agreement (including the enforcement of this provision) to the extent the court or arbitrator shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.</p>
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    shall be held to be invalid, illegal, or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a) the validity, legality, and enforceability of such provision in any
    other circumstance and of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by
    themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this
    Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as
    to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
    between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.</p>
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    convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and any variations thereof shall be deemed to
    refer to the singular or plural as appropriate.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This Agreement shall not be deemed an employment contract between the Company and any Indemnitee who is an officer of
    the Company, and, if the Indemnitee is an officer of the Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without cause, and with or without severance compensation, except as
    may be otherwise provided in a separate written contract between the Indemnitee and the Company.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
    the rights of recovery of the Indemnitee (excluding insurance obtained on the Indemnitee&#8217;s own behalf), and the Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of
    such documents necessary to enable the Company effectively to bring suit to enforce such rights.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin: 0pt;"><font style="color: #010000;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>This Agreement may not be amended, modified, or supplemented in any manner, whether by course of conduct or otherwise,
    except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, and no single or
    partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise thereof or the exercise of any other right or power.</p>
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  <table style="width: 100%;" border="0" cellpadding="0" cellspacing="0" width="100%">

      <tr>
        <td style="width: 50%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">ARIS WATER SOLUTIONS, INC.</p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">&#160;</p>
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        <td style="width: 50%;" colspan="2" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">&#160;</p>
        </td>
        <td style="width: 5%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">By:</p>
        </td>
        <td style="width: 45%;border-bottom: 1pt solid black;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;margin: 0pt;text-indent: 0px;">/s/ Amanda M. Brock</p>
        </td>
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<TYPE>EX-10.7
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<DESCRIPTION>EXHIBIT 10.7
<TEXT>
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  <p style="margin: 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit 10.7</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEMNIFICATION
        AGREEMENT</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
      Indemnification Agreement (this &#8220;<u>Agreement</u>&#8221;) is entered into as of October 21, 2021 (the &#8220;<u>Effective
        Date</u>&#8221;) by and between Aris Water Solutions, Inc., a Delaware corporation (the &#8220;<u>Company</u>&#8221;), and Debra
      Coy (the &#8220;<u>Indemnitee</u>&#8221;).</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
      the Board of Directors (the &#8220;<u>Board</u>&#8221;) has determined that the inability to attract and retain qualified persons
      as directors and officers is detrimental to the best interests of the Company&#8217;s stockholders and that the Company should
      act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against
      risks of claims and actions against them arising out of their service to and activities on behalf of the Company;</font></p>
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      officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the &#8220;<u>DGCL</u>&#8221;),
      and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification
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      in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve
      as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and
      to otherwise promote the desirable end that such persons shall resist what they consider unjustified lawsuits and claims made
      against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs,
      judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to be borne by
      the Company and they shall receive appropriate protection against such risks and liabilities, the Board has determined that the
      following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and</font></p>
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      or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the
      Indemnitee&#8217;s duty to the Company; and the Indemnitee desires to continue so to serve the Company, <u>provided</u>, and on
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
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      period, constituted the Board (the &#8220;<u>Incumbent Board</u>&#8221;) cease for any reason to constitute at least a majority
      of the Board; <u>provided</u>, <u>however</u>, that any individual becoming a director subsequent to the beginning of such 24-month
      period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority
      of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
      Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual
      or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
      of proxies or consents by or on behalf of a person other than the Board.</font></p>
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      limitation, expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute
      resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending,
      or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether
      of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys&#8217; fees, witness fees and expenses,
      fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for,
      and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing
      a right to indemnification or advancement under Sections&#160;9, 11, 13, and 16 hereof, but shall not include the amount of judgments,
      fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf
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      Company or the Indemnitee in any matter material to either such party or (ii)&#160;any other party to the Proceeding giving rise
      to a request for indemnification hereunder. Notwithstanding the foregoing, the term &#8220;Independent Counsel&#8221; shall not
      include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
      in representing either the Company or the Indemnitee in an action to determine the Indemnitee&#8217;s right to indemnification
      under this Agreement.</font></p>
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      suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative
      hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise,
      including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which
      the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the
      Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
      or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
      of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
      benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee
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      of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by
      the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without
      diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement
      of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification
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      of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee
      shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with
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      by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding
      or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or
      part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines
      that indemnification or advancement of Expenses is appropriate.</font></p>
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        by or in the Right of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification
      rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise
      involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee
      is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee
      of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another
      corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
      plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee
      shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts
      paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection
      with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
      opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
      his or her conduct was unlawful.</font></p>
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        of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification rights
      provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved
      in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the
      Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
      or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
      of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
      benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the
      Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties,
      amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee
      in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to
      be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall
      be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
      adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State
      of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication
      of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense,
      liability, and loss as such court shall deem proper.</font></p>
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        of Successful Party</u>. Notwithstanding any limitations of Sections&#160;3(c), 4 and 5 above, to the extent that the Indemnitee
      has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim,
      issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
      determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that
      the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses
      actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>
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      is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability,
      and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee,
      and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding
      or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, but not, however, for all of the total amount
      thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually
      and reasonably incurred to which the Indemnitee is entitled.</font></p>
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      Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled
      to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf
      if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s
      service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative
      dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened,
      pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to
      which the Indemnitee neither is, nor is threatened to be made, a party.</font></p>
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      To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company.
      Such request shall include documentation or information that is necessary for such determination and is reasonably available to
      the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement
      of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section&#160;6 or Section&#160;8 of
      this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected
      by the Board of Directors, except with respect to Section&#160;9(e) below): (a)&#160;the Board of Directors of the Company by
      a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)&#160;a committee of Disinterested
      Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c)&#160;if there
      are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the
      Board of Directors, a copy of which shall be delivered to the Indemnitee; (d)&#160;the stockholders of the Company; or (e)&#160;in
      the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy
      of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved
      by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the
      Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so
      to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application
      to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
      determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt
      by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine
      that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person
      shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Presumptions and Effect of Certain Proceedings</u>.
      The Secretary of the Company shall, promptly upon receipt of the Indemnitee&#8217;s written request for indemnification, advise
      in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section&#160;9
      that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall
      be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination
      contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested
      determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request,
      a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely
      entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described
      in Sections&#160;4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent,
      shall not, of itself (a)&#160;create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee
      reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
      had reasonable cause to believe his or her conduct was unlawful or (b)&#160;otherwise adversely affect the rights of the Indemnitee
      to indemnification except as may be provided herein.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Remedies of the Indemnitee in Cases of Determination
        Not to Indemnify or to Advance Expenses; Right to Bring Suit</u>. In the event that a determination is made that the Indemnitee
      is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification
      pursuant to Sections&#160;9 and 10, or if an advancement of Expenses is not timely made pursuant to Section&#160;16, the Indemnitee
      may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement
      of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee
      at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware
      pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing
      of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award
      in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not
      in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that
      the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard
      described in Section&#160;4 or&#160;5, as applicable.&#160; Further, in any suit brought by the Company to recover an advancement
      of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial
      decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the
      standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a committee of
      Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such
      suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard
      of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
      Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described
      above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such
      a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification
      or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms
      of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses,
      under this Section&#160;11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant
      to the terms of Section&#160;9 or&#160;10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such
      determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination
      was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator
      pursuant to this Section&#160;11 that the Company is bound by all the provisions of this Agreement and is precluded from making
      any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification
      or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in
      connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest
      extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of
      an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such
      suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit,
      to the fullest extent permitted by law.</font></p>
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      to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right
      that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors,
      provisions of a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</font></p>
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      event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability
      of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under,
      or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action,
      suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses
      actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>
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      and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee,
      agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company
      as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other
      enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible
      claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving
      at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
      joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
      binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and
      any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee&#8217;s heirs, executors, and administrators.</font></p>
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<FILENAME>nt10025419x24_ex10-8.htm
<DESCRIPTION>EXHIBIT 10.8
<TEXT>
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  <p style="margin: 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit 10.8&#160;</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEMNIFICATION AGREEMENT</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Indemnification Agreement (this &#8220;<u>Agreement</u>&#8221;) is entered into as of October 21,
      2021 (the &#8220;<u>Effective Date</u>&#8221;) by and between Aris Water Solutions, Inc., a Delaware corporation (the &#8220;<u>Company</u>&#8221;), and W. Howard Keenan, Jr. (the &#8220;<u>Indemnitee</u>&#8221;).</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RECITALS</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, the Board of Directors (the &#8220;<u>Board</u>&#8221;) has determined that the inability to
      attract and retain qualified persons as directors and officers is detrimental to the best interests of the Company&#8217;s stockholders and that the Company should act to assure such persons that there shall be adequate certainty of protection through
      insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, the Company has adopted provisions in its Bylaws providing for indemnification and
      advancement of expenses of its directors and officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the &#8220;<u>DGCL</u>&#8221;), and the Company wishes to clarify and enhance the rights and obligations of the
      Company and the Indemnitee with respect to indemnification and advancement of expenses;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, in order to induce and encourage highly experienced and capable persons such as the
      Indemnitee to serve and continue to serve as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable end that such persons shall resist what they
      consider unjustified lawsuits and claims made against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by them in
      their defense of such litigation are to be borne by the Company and they shall receive appropriate protection against such risks and liabilities, the Board has determined that the following Agreement is reasonable and prudent to promote and ensure
      the best interests of the Company and its stockholders; and</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, the Company desires to have the Indemnitee continue to serve as a director or
      officer of the Company and in any other capacity with respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and personal liabilities by reason of
      the Indemnitee acting in good faith in the performance of the Indemnitee&#8217;s duty to the Company; and the Indemnitee desires to continue so to serve the Company, <u>provided</u>, and on the express condition, that he or she is furnished with the
      protections set forth hereinafter.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGREEMENT</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW, THEREFORE, in consideration of the Indemnitee&#8217;s continued service as a director or
      officer of the Company, the parties hereto agree as follows:</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Definitions</u>. For purposes of this Agreement:</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A &#8220;<u>Change in Control</u>&#8221; will be deemed to have occurred if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month period, constituted the Board (the &#8220;<u>Incumbent Board</u>&#8221;)
      cease for any reason to constitute at least a majority of the Board; <u>provided</u>, <u>however</u>, that any individual becoming a director subsequent to the beginning of such 24-month period whose election, or nomination for election by the
      stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
      such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
      of a person other than the Board.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Disinterested Director</u>&#8221; means a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought by the Indemnitee.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Expenses</u>&#8221; includes, without limitation, expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial,
      administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative,
      legislative, investigative, or other nature, attorneys&#8217; fees, witness fees and expenses, fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any
      bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections&#160;9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise
      taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Independent Counsel</u>&#8221; means a law firm or a member of a law firm that neither is presently nor in the past five years has been retained to represent (i)&#160;the Company or the Indemnitee in any matter material to either such party
      or (ii)&#160;any other party to the Proceeding giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term &#8220;Independent Counsel&#8221; shall not include any person who, under the applicable standards of professional conduct
      then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee&#8217;s right to indemnification under this Agreement.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Proceeding</u>&#8221; means any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding,
      whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be
      made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at
      the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything
      done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Service by the Indemnitee</u>. The Indemnitee shall serve and/or continue to serve as a director or officer of the Company faithfully and to the best of the Indemnitee&#8217;s ability so long as the Indemnitee is duly elected or
      appointed and until such time as the Indemnitee&#8217;s successor is elected and qualified or the Indemnitee is removed as permitted by applicable law or tenders a resignation in writing.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification and Advancement of Expenses</u>. The Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by
      the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights
      provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of
      Expenses shall be paid to the Indemnitee:</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the extent expressly prohibited by applicable law or the Bylaws of the Company;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or
      agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with respect to any excess beyond the
      amount actually paid to the Indemnitee under any insurance policy, provision of the certificate of incorporation or bylaws, or other agreement; or</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an
      action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified
      by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is appropriate.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Action or Proceedings Other than an Action by or in the Right of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the
      Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer,
      employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a
      partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be
      indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in
      connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable
      cause to believe his or her conduct was unlawful.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnity in Proceedings by or in the Right of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a
      party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer,
      employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a
      partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be
      indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in
      connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification
      shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of
      Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to
      indemnification for such expense, liability, and loss as such court shall deem proper.</font></p>
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      in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a
      court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by
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      excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to
      Section&#160;11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses
      actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s service as a director or officer of the Company,
      in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether
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      or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to
      indemnification, to the extent not required pursuant to the terms of Section&#160;6 or Section&#160;8 of this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected by the Board of
      Directors, except with respect to Section&#160;9(e) below): (a)&#160;the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)&#160;a committee of Disinterested Directors designated
      by a majority vote of such directors, whether or not such majority constitutes a quorum; (c)&#160;if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors,
      a copy of which shall be delivered to the Indemnitee; (d)&#160;the stockholders of the Company; or (e)&#160;in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
      delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee.
      Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application
      to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after
      receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for
      indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Presumptions and Effect of Certain Proceedings</u>. The Secretary of the Company shall, promptly upon receipt of the Indemnitee&#8217;s written request for indemnification, advise in writing the Board of Directors or such other person
      or persons empowered to make the determination as provided in Section&#160;9 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification
      hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to
      indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to
      such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described in Sections&#160;4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent,
      shall not, of itself (a)&#160;create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
      had reasonable cause to believe his or her conduct was unlawful or (b)&#160;otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit</u>. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or
      if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections&#160;9 and 10, or if an advancement of Expenses is not timely made pursuant to Section&#160;16, the Indemnitee may at any time thereafter bring suit
      against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee at the Indemnitee&#8217;s
      option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand
      for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or
      arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard
      described in Section&#160;4 or&#160;5, as applicable.&#160; Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial
      decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a
      committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the
      Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has
      not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit
      brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the
      Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section&#160;11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section&#160;9 or&#160;10 that the
      Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding,
      and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section&#160;11 that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary.
      If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such
      adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an
      undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such
      suit, to the fullest extent permitted by law.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Non-Exclusivity of Rights</u>. The rights to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Expenses to Enforce Agreement</u>. In the event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or
      award in arbitration to enforce the Indemnitee&#8217;s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from
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      officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to
      an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the Company as a
      director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and
      assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee&#8217;s heirs, executors, and administrators.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Notification and Defense of Proceeding</u>. Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in respect thereof is to be
      made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall be entitled to participate therein at its own expense;</font></p>
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      to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the
      Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee&#8217;s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from
      the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i)&#160;the employment of counsel by the Indemnitee has been authorized by the Company, (ii)&#160;the Indemnitee shall have reasonably concluded that there
      may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or (iii)&#160;the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to
      assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee&#8217;s counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf
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      consent, or for any judicial or other award, if the Company was not given an opportunity, in accordance with this Section&#160;15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would
      impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee, without the
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      Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
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      for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections&#160;9, 11, 13, and 16 hereof, but shall not include the
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      Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee,
      agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect
      to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification
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      Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except
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      Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or
      trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to
      this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably
      incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the
      Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or
      trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to
      this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably
      incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>,
      that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the
      extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee
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      been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
      determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all
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      and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial
      proceeding or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and
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      as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened,
      pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is threatened to be made, a party.</font></p>
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      Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for
      indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section&#160;6 or Section&#160;8 of this Agreement, shall be determined by the following person or persons who shall be empowered to make
      such determination (as selected by the Board of Directors, except with respect to Section&#160;9(e) below): (a)&#160;the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)&#160;a
      committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c)&#160;if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel
      in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d)&#160;the stockholders of the Company; or (e)&#160;in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the
      Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent
      Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such
      Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination is made, such indemnification shall be paid in full by
      the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part
      (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section&#160;9 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee
      shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed
      to make the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made
      and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described in Sections&#160;4 or 5 by judgment, order, settlement, or conviction, or upon a
      plea of <i>nolo contendere</i> or its equivalent, shall not, of itself (a)&#160;create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
      Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b)&#160;otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.</font></p>
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      Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections&#160;9 and 10, or if an advancement of Expenses is not timely made pursuant to
      Section&#160;16, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be brought in the Court of Chancery of the State
      of Delaware. Alternatively, the Indemnitee at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be
      made within 60 calendar days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to
      enforce a right to indemnification hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for
      indemnification set forth in the DGCL, including the standard described in Section&#160;4 or&#160;5, as applicable.&#160; Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be
      entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the
      Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification of the
      Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent
      Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the
      Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an
      undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section&#160;11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant
      to the terms of Section&#160;9 or&#160;10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such
      determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section&#160;11 that the Company is bound by all the provisions of this Agreement and is
      precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably
      incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover an
      advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or
      otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law.</font></p>
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      Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit,
      or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>
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      agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust,
      or other enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the
      Company or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
      plan. This Agreement shall be binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the
      Indemnitee&#8217;s heirs, executors, and administrators.</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Notification and Defense of Proceeding</u>. Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or an
      advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it
      may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall be entitled to participate therein at its own expense;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except as otherwise provided in this Section&#160;15(b), to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to
      assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any
      expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee&#8217;s own counsel in such Proceeding, but the fees and
      expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i)&#160;the employment of counsel by the Indemnitee has been authorized by the Company, (ii)&#160;the
      Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or (iii)&#160;the Company shall not within 60 calendar days of receipt of notice
      from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee&#8217;s counsel shall be at the expense of the Company. The Company shall not be entitled to assume
      the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any other provision of this Agreement, the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any
      Proceeding effected without the Company&#8217;s written consent, or for any judicial or other award, if the Company was not given an opportunity, in accordance with this Section&#160;15, to participate in the defense of such Proceeding. The Company shall not
      settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that would directly or indirectly constitute or impose any admission or acknowledgment of fault or
      culpability with respect to the Indemnitee, without the Indemnitee&#8217;s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any proposed settlement.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      disposition of such Proceeding at the request of the Indemnitee. The Indemnitee&#8217;s right to advancement shall not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee&#8217;s ultimate
      entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall
      reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of
      a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this Agreement or otherwise. The Indemnitee&#8217;s undertaking to repay
      any such amounts is not required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary of the Company of such written request. The Indemnitee&#8217;s entitlement to Expenses under this
      Agreement shall include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to Section&#160;11 of this Agreement (including the enforcement of this provision) to the
      extent the court or arbitrator shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.</font></p>
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      person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a)&#160;the validity, legality, and enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement
      (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by themselves invalid, illegal, or unenforceable) and the application of such
      provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b)&#160;to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of
      this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide
      protection to the Indemnitee to the fullest extent set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and between the Company and the Indemnitee and any such prior agreements
      shall be terminated upon execution of this Agreement.</font></p>
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      or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the singular or plural as appropriate.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Other Provisions</u>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Agreement and all disputes or controversies arising out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of
      Delaware, without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles of the State of Delaware.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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<TYPE>EX-10.10
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<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEMNIFICATION
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
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      or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether
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      fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for,
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      a right to indemnification or advancement under Sections&#160;9, 11, 13, and 16 hereof, but shall not include the amount of judgments,
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      hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise,
      including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which
      the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the
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      or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
      of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
      benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee
      is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can
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      of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by
      the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without
      diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement
      of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification
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      of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee
      shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with
      respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate
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      or part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted
      by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding
      or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or
      part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines
      that indemnification or advancement of Expenses is appropriate.</font></p>
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        by or in the Right of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification
      rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise
      involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee
      is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee
      of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another
      corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
      plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee
      shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts
      paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection
      with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
      opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
      his or her conduct was unlawful.</font></p>
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        of the Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification rights
      provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved
      in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the
      Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
      or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
      of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
      benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the
      Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties,
      amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee
      in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to
      be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall
      be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
      adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State
      of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication
      of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense,
      liability, and loss as such court shall deem proper.</font></p>
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        of Successful Party</u>. Notwithstanding any limitations of Sections&#160;3(c), 4 and 5 above, to the extent that the Indemnitee
      has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim,
      issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
      determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that
      the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses
      actually and reasonably incurred by the Indemnitee in connection therewith.</font></p>
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      is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability,
      and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee,
      and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding
      or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, but not, however, for all of the total amount
      thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually
      and reasonably incurred to which the Indemnitee is entitled.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Indemnification for Expenses of a Witness</u>.
      Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled
      to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s behalf
      if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s
      service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative
      dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened,
      pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to
      which the Indemnitee neither is, nor is threatened to be made, a party.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Determination
        of Entitlement to Indemnification</u>. To receive indemnification under this Agreement, the Indemnitee shall submit a written
      request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such
      determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a written
      request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not
      required pursuant to the terms of Section&#160;6 or Section&#160;8 of this Agreement, shall be determined by the following
      person or persons who shall be empowered to make such determination (as selected by the Board of Directors, except with
      respect to Section&#160;9(e) below): (a)&#160;the Board of Directors of the Company by a majority vote of Disinterested
      Directors, whether or not such majority constitutes a quorum; (b)&#160;a committee of Disinterested Directors designated by a
      majority vote of such directors, whether or not such majority constitutes a quorum; (c)&#160;if there are no Disinterested
      Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of
      Directors, a copy of which shall be delivered to the Indemnitee; (d)&#160;the stockholders of the Company; or (e)&#160;in the
      event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of
      which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and
      approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be
      selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of
      the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall
      be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall
      be made and, unless a contrary determination is made, such indemnification shall be paid in full by the Company not later
      than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person
      making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the
      application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues,
      or matters at issue at the time of the determination.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Presumptions and Effect of Certain Proceedings</u>.
      The Secretary of the Company shall, promptly upon receipt of the Indemnitee&#8217;s written request for indemnification, advise
      in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section&#160;9
      that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall
      be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination
      contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested
      determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request,
      a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely
      entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described
      in Sections&#160;4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent,
      shall not, of itself (a)&#160;create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee
      reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
      had reasonable cause to believe his or her conduct was unlawful or (b)&#160;otherwise adversely affect the rights of the Indemnitee
      to indemnification except as may be provided herein.</font></p>
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        Not to Indemnify or to Advance Expenses; Right to Bring Suit</u>. In the event that a determination is made that the Indemnitee
      is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification
      pursuant to Sections&#160;9 and 10, or if an advancement of Expenses is not timely made pursuant to Section&#160;16, the Indemnitee
      may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement
      of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee
      at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware
      pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing
      of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to seek any such adjudication or award
      in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not
      in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that
      the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard
      described in Section&#160;4 or&#160;5, as applicable.&#160; Further, in any suit brought by the Company to recover an advancement
      of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial
      decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the
      standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a committee of
      Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such
      suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard
      of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
      Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described
      above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such
      a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification
      or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms
      of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses,
      under this Section&#160;11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant
      to the terms of Section&#160;9 or&#160;10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such
      determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination
      was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator
      pursuant to this Section&#160;11 that the Company is bound by all the provisions of this Agreement and is precluded from making
      any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification
      or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in
      connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest
      extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of
      an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such
      suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit,
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      that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors,
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      of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under,
      or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action,
      suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses
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      and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee,
      agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company
      as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other
      enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible
      claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving
      at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
      joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
      binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and
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      an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing
      of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have
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      assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its
      election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses
      of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below.
      The Indemnitee shall have the right to employ the Indemnitee&#8217;s own counsel in such Proceeding, but the fees and expenses
      of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the
      Indemnitee unless (i)&#160;the employment of counsel by the Indemnitee has been authorized by the Company, (ii)&#160;the Indemnitee
      shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct
      of the defense of such Proceeding, or (iii)&#160;the Company shall not within 60 calendar days of receipt of notice from the Indemnitee
      in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee&#8217;s
      counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought
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      effected without the Company&#8217;s written consent, or for any judicial or other award, if the Company was not given an opportunity,
      in accordance with this Section&#160;15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding
      in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that
      would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the
      Indemnitee, without the Indemnitee&#8217;s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold
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      of the final disposition of such Proceeding at the request of the Indemnitee. The Indemnitee&#8217;s right to advancement shall
      not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee&#8217;s
      ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses
      under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably
      evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
      Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent
      jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses
      by the Company as provided by this Agreement or otherwise. The Indemnitee&#8217;s undertaking to repay any such amounts is not
      required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary
      of the Company of such written request. The Indemnitee&#8217;s entitlement to Expenses under this Agreement shall include those
      incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration
      pursuant to Section&#160;11 of this Agreement (including the enforcement of this provision) to the extent the court or arbitrator
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      or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a)&#160;the validity, legality,
      and enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement (including, without
      limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable,
      that are not by themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities
      or circumstances shall not in any way be affected or impaired thereby, and (b)&#160;to the fullest extent possible, the provisions
      of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision
      held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed
      so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent
      set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
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        Headings; References; Pronouns</u>. The headings of the sections of this Agreement are inserted for convenience only and
      shall not be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section
      numbers are to sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the singular
      or plural as appropriate.</font></p>
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      arising out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State
      of Delaware, without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles
      of the State of Delaware.</font></p>
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      counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts
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      Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without
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      obtained on the Indemnitee&#8217;s own behalf), and the Indemnitee shall execute all papers required and shall do everything that
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      as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy
      hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment
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      <tr style="vertical-align: top">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td colspan="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARIS WATER SOLUTIONS, INC.</font></td>
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  <p style="margin: 0; text-align: right"><b>Exhibit 10.11</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEMNIFICATION AGREEMENT</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Indemnification Agreement (this &#8220;<u>Agreement</u>&#8221;) is entered into as of October 21, 2021 (the &#8220;<u>Effective Date</u>&#8221;) by and between Aris Water Solutions,
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    to the best interests of the Company&#8217;s stockholders and that the Company should act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions against them
    arising out of their service to and activities on behalf of the Company;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and officers to the fullest extent
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the
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    the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall
    receive appropriate protection against such risks and liabilities, the Board has determined that the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company desires to have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as
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    <u>however</u>, that any individual becoming a director subsequent to the beginning of such 24-month period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors
    then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or
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    proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys&#8217; fees, witness fees and expenses, fees and
    expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of
    establishing a right to indemnification or advancement under Sections&#160;9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in
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    and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the
    Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or
    trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not
    the Indemnitee is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement.</p>
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    by the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and
    advancement of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee:</p>
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    Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the
    Indemnitee shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of
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    proceeding or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise
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    otherwise involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee,
    agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect
    to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA
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      Company</u>. Except as limited by Section&#160;3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in,
    any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee,
    agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect
    to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA
    excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the
    Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; <u>provided</u>, <u>however</u>, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly
    prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall
    determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem proper.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Costs, Charges, and Expenses of
      Successful Party</u>. Notwithstanding any limitations of Sections&#160;3(c), 4 and 5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim,
    issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal,
    that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Partial Indemnification</u>. If the Indemnitee is
    entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the
    Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to Section&#160;11 to enforce rights under this Agreement, but not, however, for all of the
    total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification for Expenses of a Witness</u>.
    Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee&#8217;s
    behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee&#8217;s service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration,
    alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or
    other nature, to which the Indemnitee neither is, nor is threatened to be made, a party.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Determination of Entitlement to Indemnification</u>.
    To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available
    to the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section&#160;6 or Section&#160;8
    of this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section&#160;9(e) below): (a)&#160;the Board of Directors of the Company by
    a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b)&#160;a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c)&#160;if there
    are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d)&#160;the stockholders of the Company; or (e)&#160;in the
    event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved
    by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee
    so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and,
    unless a contrary determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such
    determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at
    issue at the time of the determination.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Presumptions and Effect of Certain Proceedings</u>.
    The Secretary of the Company shall, promptly upon receipt of the Indemnitee&#8217;s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section&#160;9
    that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any
    determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of
    the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification.
    The termination of any Proceeding described in Sections&#160;4 or 5 by judgment, order, settlement, or conviction, or upon a plea of <i>nolo contendere</i> or its equivalent, shall not, of itself (a)&#160;create a presumption that the Indemnitee did not act in
    good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b)&#160;otherwise
    adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Remedies of the Indemnitee in Cases of Determination
      Not to Indemnify or to Advance Expenses; Right to Bring Suit</u>. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to
    indemnification pursuant to Sections&#160;9 and 10, or if an advancement of Expenses is not timely made pursuant to Section&#160;16, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such
    indemnification or advancement of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee at the Indemnitee&#8217;s option may seek an award in an arbitration to be conducted by a single
    arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee&#8217;s right to
    seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of
    Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard described in Section&#160;4 or&#160;5, as applicable.&#160; Further, in any suit brought by the
    Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to
    appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a
    determination prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company
    (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met
    the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or
    brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section&#160;11 or otherwise
    shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section&#160;9 or&#160;10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from
    asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this
    Section&#160;11 that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement
    of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent
    permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit
    to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Non-Exclusivity of Rights</u>. The rights to
    indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested
    Directors, provisions of a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Expenses to Enforce Agreement</u>. In the event that
    the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee&#8217;s rights under, or to recover
    damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses
    actually and reasonably incurred by the Indemnitee in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Continuation of Indemnity</u>. All agreements and
    obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the
    Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to
    any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of
    a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and assigns of the Company (including any transferee of all or substantially all
    of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee&#8217;s heirs, executors, and administrators.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notification and Defense of Proceeding</u>. Promptly
    after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing
    of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the
    Indemnitee notifies the Company:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Company shall be entitled to participate therein at its
    own expense;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except as otherwise provided in this Section&#160;15(b), to the
    extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its
    election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided
    below. The Indemnitee shall have the right to employ the Indemnitee&#8217;s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of
    the Indemnitee unless (i)&#160;the employment of counsel by the Indemnitee has been authorized by the Company, (ii)&#160;the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct
    of the defense of such Proceeding, or (iii)&#160;the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of
    the Indemnitee&#8217;s counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for
    in (ii) above; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Notwithstanding any other provision of this Agreement, the
    Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company&#8217;s written consent, or for any judicial or other award, if the Company was not given an
    opportunity, in accordance with this Section&#160;15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the
    Indemnitee, or that would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee, without the Indemnitee&#8217;s written consent. Neither the Company nor the Indemnitee shall
    unreasonably withhold its consent to any proposed settlement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Advancement of Expenses</u>. All Expenses incurred by
    the Indemnitee in defending any Proceeding described in Section&#160;4 or 5 shall be paid by the Company in advance of the final disposition of such Proceeding at the request of the Indemnitee. The Indemnitee&#8217;s right to advancement shall not be subject to
    the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee&#8217;s ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses under this
    Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
    Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for
    such Expenses by the Company as provided by this Agreement or otherwise. The Indemnitee&#8217;s undertaking to repay any such amounts is not required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by
    the Secretary of the Company of such written request. The Indemnitee&#8217;s entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in
    arbitration pursuant to Section&#160;11 of this Agreement (including the enforcement of this provision) to the extent the court or arbitrator shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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<DESCRIPTION>EXHIBIT 10.12
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin-top: 0pt;margin-bottom: 0pt;"><b><b>Exhibit 10.12</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><b>DIRECTOR NOMINATION AGREEMENT</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">This Director Nomination Agreement (this &#8220;<u>Agreement</u>&#8221;) is made on October 26, 2021 (the &#8220;<u>Effective Date</u>&#8221;), by and
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><font style="text-transform: uppercase;"><b>Article I<br>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Proceeding</u>&#8221; has the meaning set forth in <u>Section 4.08</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Securities Exchange</u>&#8221; means the national securities exchange on which the Company&#8217;s Class A common
    stock, par value $0.01 per share, is then listed.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Selected Courts</u>&#8221; has the meaning set forth in <u>Section 4.08</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Termination Date</u>&#8221; means with respect to the rights of COG hereunder, the date when the Voting
    Percentage of COG and its Affiliates is less than 12.5% for the first time following the Effective Date; and with respect to the rights of Yorktown hereunder, the date when the Voting Percentage of Yorktown and its Affiliates is less than 12.5% for the
    first time following the Effective Date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Termination Trigger</u>&#8221; has the meaning set forth in <u>Section 3.01</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 54.0pt;margin: 0pt 0pt 0pt 18.0pt;">&#8220;<u>Voting Percentage</u>&#8221; means, with respect to any Person, the percentage voting power in the general election of directors of the
    Company represented by all shares of Voting Stock Beneficially Owned by such Person.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Voting Stock</u>&#8221; means the Class A common stock and Class B common stock, each with par value $0.01
    per share, of the Company, as well as any other class or series of capital stock of the Company entitled to vote generally in the election of directors to the Board.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Yorktown</u>&#8221; has the meaning set forth in the Preamble.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;text-align: justify;text-indent: 54.0pt;margin-top: 0pt;margin-bottom: 0pt;">&#8220;<u>Yorktown Designated Director</u>&#8221; has the meaning set forth in <u>Section 2.01(a)</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 1.02 <u>Other Definitional and Interpretive Provisions</u>. The words &#8220;hereof,&#8221; &#8220;herein&#8221; and &#8220;hereunder&#8221; and words of
    like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References in the singular or to &#8220;him,&#8221; &#8220;her,&#8221; &#8220;it,&#8221; &#8220;itself&#8221; or other like references, and references in the plural or
    the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be. References to the Preamble, Recitals, Articles
    and Sections shall refer to the Preamble, Recitals, Articles and Sections of this Agreement, unless otherwise specified. The headings in this Agreement are for convenience and identification only and are not intended to describe, interpret, define or
    limit the scope, extent or intent of this Agreement or any provision thereof. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
    agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to &#8220;include,&#8221; &#8220;includes&#8221; and &#8220;including&#8221; in this Agreement shall be deemed to be
    followed by the words &#8220;without limitation,&#8221; whether or not so specified. This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><font style="text-transform: uppercase;"><b>Article II<br>
          NOMINATION RIGHTS</b></font></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 2.01 <u>Board Nominees</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 36.0pt;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">(a) Subject to the terms and conditions of this Agreement, from and after the Effective Date until the
    Termination Date, at every meeting of the Board, or a committee thereof, at which directors of the Company are appointed by the Board or are nominated to stand for election by stockholders of the Company, the Major Shareholder shall have the right, but
    not the obligation, to nominate directors for election to the Board as follow:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" width="100%">

      <tr>
        <td style="width: 108pt;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 36pt;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">(i)</p>
        </td>
        <td valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">COG shall have the right to nominate one nominee until the first time when the Voting Percentage of COG and its Affiliates is less than
            12.5%, who shall be a Class III director (the &#8220;<u>COG Designated Director</u>&#8221;); and</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" width="100%">

      <tr>
        <td style="width: 108pt;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 36pt;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">(ii)</p>
        </td>
        <td valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">Yorktown shall have the right to nominate one nominee until the first time when the Voting Percentage of Yorktown and its Affiliates is
            less than 12.5%, who shall be a Class I director (the &#8220;<u>Yorktown Designated Director</u>&#8221;).</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 36.0pt;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">The initial COG Designated Director and Yorktown Designated Director, respectively, as of the Effective Date are Andrew
    O&#8217;Brien and W. Howard Keenan, Jr.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">(b) Subject to <u>Section 2.01(c)</u>, the Company shall take all actions (to the extent such actions are permitted by
    applicable law) to (i) include each COG Designated Director and Yorktown Designated Director in the slate of director nominees for election by the Company&#8217;s stockholders and (ii) include each COG Designated Director and Yorktown Designated Director in
    the proxy statement prepared by the Company in connection with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board, and at every adjournment or postponement thereof, and on
    every action or approval by written consent of the Board with respect to the election of members of the Board.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">(c) The Company&#8217;s obligations pursuant to <u>Sections 2.01(b), (d) and (e)</u> shall be subject to each person designated as
    a nominee or successor for the COG Designated Director and Yorktown Designated Director, as applicable, providing, fully and completely, (i) any information that is required to be disclosed in any filing or report under the listing standards of the
    Securities Exchange and applicable law or regulatory guidance or requests, (ii) any information that is required in connection with determining the independence status of the COG Designated Director and Yorktown Designated Director under the listing
    standards of the Securities Exchange and applicable law, and (iii) if required by applicable law, such individual&#8217;s written consent to being named in a proxy statement as a nominee and to serving as director if elected.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">(d) If a COG Designated Director or Yorktown Designated Director is not appointed, nominated or elected to the Board because
    of such person&#8217;s death, disability, disqualification, withdrawal as a nominee or for other reason, (i) the Major Shareholder who originally designated such director as a nominee shall be entitled to designate another nominee and shall do so as promptly
    as practicable following the failure of such designated director to be appointed, nominated or elected to the Board and (ii) the director position for which the original designated director was nominated shall not be filled pending such designation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">(e) If a vacancy occurs because of the death, disability, disqualification, resignation or removal of a COG Designated
    Director or Yorktown Designated Director or for any other reason, the Major Shareholder who originally designated such director shall be entitled to designate such person&#8217;s successor, and the Company hereby agrees, to the fullest extent permitted by
    applicable law (including with respect to fiduciary duties under Delaware law), to promptly fill the vacancy with such successor, it being understood that any such successor designee shall serve the remainder of the term of the designated director whom
    such designee replaces. A Major Shareholder shall designate a successor pursuant to this <u>Section 2.01(e)</u> as promptly as practicable following any such vacancy.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">(f) In the event that COG or Yorktown shall cease to have the right to designate a Director hereunder, then the current COG
    Designated Director or Yorktown Designated Director, respectively, shall (i) at the request of a majority of the Directors then in office resign immediately if such resignation would not reasonably be expected to violate such director&#8217;s fiduciary
    duties under applicable law, and, upon such request by a majority of the Directors then in office, COG or Yorktown, as applicable, shall take such action as reasonably necessary to facilitate such resignation or (ii) if no such request is made,
    continue to serve until his or her term expires at the next annual meeting of stockholders of the Company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <div style="page-break-before: always;margin-top: 6pt;">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><font style="text-transform: uppercase;"><b>Article III<br>
          EFFECTIVENESS AND TERMINATION</b></font></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 3.01 <u>Termination</u>. This rights of each of COG and Yorktown shall terminate upon the earlier to occur of (a) the
    Termination Date applicable to such Major Shareholder and (b) the delivery of written notice to the Company by a Major Shareholder agreeing to terminate its rights under this Agreement (each a &#8220;<u>Termination Trigger</u>&#8221;). This Agreement will
    terminate and be of no further force and effect once a Termination Trigger has occurred with respect to each Major Shareholder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><font style="text-transform: uppercase;"><b>ARTICLE IV<br>
          MISCELLANEOUS</b></font></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 4.01 <u>Notices</u>. All notices, requests, consents and other communications hereunder to any party shall be in
    writing and shall be personally delivered, sent by nationally recognized overnight courier or mailed by registered or certified mail to such party at the address set forth below, or sent by e-mail transmission (or such other address or contact
    information as shall be specified by like notice):</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%;margin: 0px;" align="center" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 25%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">If to the Company:</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Aris Water Solutions, Inc.<br>
            Attention: Amanda M. Brock<br>
            9811 Katy Freeway, Suite 700<br>
            Houston, Texas 77024<br>
            Electronic mail: amanda.brock@ariswater.com</p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">With copy to:</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Gibson, Dunn &amp; Crutcher LLP<br>
            Attention: Hillary H. Holmes<br>
            811 Main Street, Suite 3000<br>
            Houston, Texas 77002<br>
            Electronic mail: hholmes@gibsondunn.com</p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">If to any Major Shareholder:</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;text-align: justify;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;">To the address of such Major Shareholder as it appears in the applicable register for securities of the Company or such other address as may be designated
            in writing by such Major Shareholder (including on the signature pages hereto).</p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">And in the case of notice to COG or any Affiliate thereof, with a copy to:</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 73%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">King &amp; Spalding LLP<br>
            1180 Peachtree Street, NE<br>
            Atlanta, Georgia 30309<br>
            Attention: Keith M. Townsend<br>
            Electronic email: ktownsend@kslaw.com</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">Notices will be deemed to have been given hereunder when personally delivered or when receipt of e-mail has been acknowledged by non-automated
    response, one calendar day after deposit with a nationally recognized overnight courier and five calendar days after deposit in U.S. mail.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 4.02 <u>Severability</u>. The provisions of this Agreement shall be deemed severable, and the invalidity or
    unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is found to be invalid or unenforceable
    in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this
    Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or
    the application thereof, in any other jurisdiction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 4.03 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed
    an original and all of which, taken together, shall be considered one and the same agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <div style="page-break-before: always;margin-top: 6pt;">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 4.04 <u>Entire Agreement; No Third Party Beneficiaries</u>. This Agreement (a) constitutes the entire agreement and
    supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">Section 4.05 <u>Further Assurances</u>. Each party shall execute, deliver, acknowledge and file such other documents and take
    such further actions as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>16
<FILENAME>nt10025419x24_ex10-13.htm
<DESCRIPTION>EXHIBIT 10.13
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  <p style="margin: 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit 10.13</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TAX
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by
        and among</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARIS
        WATER SOLUTIONS</b>, <b>INC</b>.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and</b></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
        TRA HOLDERS</b></font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>listed
        on Schedule A hereof</b></font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DATED
        AS OF OCTOBER 26, 2021</b></font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TAX
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
      TAX RECEIVABLE AGREEMENT (this &#8220;<u>Agreement</u>&#8221;), dated as of October 26, 2021, is hereby entered into by and among
      Aris Water Solutions, Inc., a Delaware corporation (the &#8220;<u>Corporate Taxpayer</u>&#8221;) and the TRA Holders.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
      the Corporate Taxpayer is the managing member of Solaris Midstream Holdings, LLC, a Delaware limited liability company (&#8220;<u>Solaris
        LLC</u>&#8221;), an entity classified as a partnership for U.S. federal income tax purposes, and holds limited liability company
      interests in Solaris LLC;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
      Solaris LLC and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes
      will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the &#8220;<u>Code</u>&#8221;),
      for each Taxable Year in which an Exchange occurs, which election is expected to result, with respect to the Corporate Taxpayer,
      in an adjustment to the Tax basis of the assets owned by Solaris LLC and such Subsidiaries;</font></p>
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      the TRA Holders currently hold (and their permitted transferees may in the future hold) Units and may transfer all or a portion
      of such Units in one or more Exchanges (as defined herein), and as a result of such Exchanges, the Corporate Taxpayer is expected
      to obtain or be entitled to certain Tax benefits as further described herein;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
      this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized
      by the Corporate Taxpayer as a result of the Exchanges;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
      THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be
      legally bound hereby, the parties hereto agree as follows:</font></p>
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      DEFINITIONS</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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      As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally
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      Corporate Taxpayer, and (ii) without duplication, Solaris LLC, but only with respect to Taxes imposed on Solaris LLC under Section
      6225 of the Code and allocable to the Corporate Taxpayer; <u>provided</u> that the actual liability for U.S. federal income Taxes
      of the Corporate Taxpayer shall be calculated assuming deductions of (and other impacts of) state and local income and franchise
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      Taxpayer&#8217;s income and franchise tax apportionment rate(s) for each state and local jurisdiction in which Solaris LLC or
      the Corporate Taxpayer files an income or franchise tax return for the relevant Taxable Year and (ii) the highest corporate income
      and franchise tax rate(s) for each state and local jurisdiction in which Solaris LLC or the Corporate Taxpayer files an income
      or franchise tax return for each relevant Taxable Year, <u>reduced by</u> (b) the product of (i) the Corporate Taxpayer&#8217;s
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      Agreement) as a result of an Exchange and the payments made pursuant to this Agreement with respect to such Exchange, including,
      but not limited to: (i) under Sections 734(b) and 743(b) of the Code (in situations where, following an Exchange, Solaris LLC
      remains classified as a partnership for U.S. federal income tax purposes); and (ii) under Sections 732(b), 734(b) and 1012 of
      the Code (in situations where, as a result of one or more Exchanges, Solaris LLC becomes an entity that is disregarded as separate
      from its owner for U.S. federal income tax purposes). Notwithstanding any other provision of this Agreement, the amount of any
      Basis Adjustment resulting from an Exchange of Units shall be determined without regard to any Pre-Exchange Transfer of such Units,
      and as if such Pre-Exchange Transfer had not occurred.</font></p>
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      (which may be a positive or negative value or zero) as of the reference time such replacement is first set for such interest period
      that has been selected or recommended by the Relevant Governmental Body for the corresponding tenor.</font></p>
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      Exchange Act.</font></p>
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        Day</u>&#8221; means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the
      United States of America or the State of Texas shall not be regarded as a Business Day.</font></p>
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            of the company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not
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  </table>
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        Regulations</u>&#8221; means the final, temporary and proposed regulations under the Code promulgated from time to time (including
      corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year.</font></p>
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      has the meaning set forth in the Solaris LLC Agreement.</font></p>
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        Assumptions</u>&#8221; means, as of an Early Termination Date, the assumptions that:</font></p>
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      the Corporate Taxpayer will have taxable income sufficient
      to fully utilize the deductions arising from all Basis Adjustments and Imputed Interest, during such Taxable Year or future Taxable
      Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
      Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would
      be paid on the due date, including all valid extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year)
      in which such deductions would become available;</font></p>
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      <i>provided</i>, the combined tax rate for U.S. state and local income taxes (but not, for the avoidance of doubt, federal income
      taxes) shall be the Assumed State and Local Tax Rate;</font></p>
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      arising from any Basis Adjustment and any Imputed Interest (including
      such Basis Adjustment or Imputed Interest generated as a result of payments under this Agreement) that are available in the Taxable
      Year that includes the Early Termination Date will be utilized by the Corporate Taxpayer ratably in each Taxable Year over the
      five Taxable years beginning with the Taxable Year that includes the Early Termination Date;</font></p>
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      will be in effect for each Taxable Year ending on or after
      such Early Termination Date will be those specified for each such Taxable Year by the Code and other law as in effect on the Early
      Termination Date;</font></p>
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      attributable will be disposed of in a fully taxable transaction
      for U.S. federal income tax purposes on the fifteenth anniversary of the Early Termination Date for an amount sufficient to fully
      utilize the Basis Adjustment with respect to such non-amortizable Reference Asset; <u>provided</u>, that in the event of a Change
      of Control which includes a taxable sale of such non-amortizable Reference Asset (including the sale of all of the equity interests
      in an entity classified as a partnership or disregarded entity that directly or indirectly owns such non-amortizable Reference
      Asset), such non-amortizable Reference Asset shall be deemed disposed of at the time of the Change of Control; and</font></p>
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      transferred in an Exchange, then all Units shall be deemed
      to be transferred pursuant to the Redemption Right effective on the Early Termination Date.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Other
        Definitional and Interpretative Provisions</u>. The words &#8220;hereof,&#8221; &#8220;herein&#8221; and &#8220;hereunder&#8221;
      and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
      this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of
      this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated
      in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but
      not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall
      be deemed to include the plural, and any plural term the singular. Whenever the words &#8220;include,&#8221; &#8220;includes&#8221;
      or &#8220;including&#8221; are used in this Agreement, they shall be deemed to be followed by the words &#8220;without limitation,&#8221;
      whether or not they are in fact followed by those words or words of like import. &#8220;Writing,&#8221; &#8220;written&#8221;
      and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible
      form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time
      to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person.
      References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.
      Unless otherwise expressly provided herein, (a) references to organization documents (including the Solaris LLC Agreement), agreements
      (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements,
      extensions, supplements and other modifications thereto; and (b) references to any law (including the Code and the Treasury Regulations)
      shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Article
      II </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <u>DETERMINATION OF CERTAIN REALIZED TAX BENEFITS</u></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Exchange
        Schedules</u>. Within ninety (90) calendar days after the filing of the Corporate Taxpayer Return for each Taxable Year in which
      any Exchange has been effected by a TRA Holder, the Corporate Taxpayer shall deliver to each TRA Holder a schedule (the &#8220;<u>Exchange
        Schedule</u>&#8221;) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including
      with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments with respect
      to the Reference Assets as a result of the Exchanges effected by such TRA Holder in such Taxable Year, (ii) the period (or periods)
      over which such Basis Adjustments are amortizable and/or depreciable, and (iii) the portion of any Tax Benefit Payment with respect
      to such TRA Holder that the Corporate Taxpayer intends to treat as Imputed Interest.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Tax
        Benefit Payment Schedules.</u></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within ninety (90) calendar days after the filing
      of the Corporate Taxpayer Return for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the
      Corporate Taxpayer shall provide to each TRA Holder: (i) a schedule showing, in reasonable detail, (A) the calculation of the
      Realized Tax Benefit or Realized Tax Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is
      Attributable to such TRA Holder who has participated in any Exchange, and (C) the Tax Benefit Payment due, if any, to such TRA
      Holder (a &#8220;<u>Tax Benefit Payment Schedule</u>&#8221;), (ii) a reasonably detailed calculation by the Corporate Taxpayer
      of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation by the Corporate Taxpayer of the Actual Tax Liability,
      (iv) a copy of the Corporate Taxpayer Return for such Taxable Year, and (v) any other work papers reasonably requested by such
      TRA Holder. The Tax Benefit Payment Schedule will become final as provided in <u>Section 2.3(a</u>) and may be amended as provided
      in <u>Section 2.3(b</u>) (subject to the procedures set forth in <u>Section 2.3(b</u>)).</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of calculating the Realized Tax
      Benefit or Realized Tax Detriment for any Taxable Year, carryovers or carrybacks of any U.S. federal income Tax item attributable
      to the Basis Adjustments, any Imputed Interest, and any Post-IPO TRA Benefits shall be considered to be subject to the rules of
      the Code and the Treasury Regulations, as applicable, governing the use, limitation and expiration of carryovers or carrybacks
      of the relevant type. If a carryover or carryback of any U.S. federal income Tax item includes a portion that is attributable
      to the Basis Adjustment, any Imputed Interest, or any Post-IPO TRA Benefits and another portion that is not so attributable, such
      respective portions shall be considered to be used in accordance with the &#8220;with and without&#8221; methodology. The parties
      agree that (i) any payment under this Agreement (to the extent permitted by law) will be treated as a subsequent upward adjustment
      to the purchase price of the relevant Units and will have the effect of creating additional Basis Adjustments to Reference Assets
      for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated
      into the current year calculation and into future year calculations, as appropriate.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Procedure;
        Amendments.</u></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An applicable Schedule or amendment thereto shall
      become final and binding on all parties thirty (30) calendar days from the first date on which each TRA Holder has received the
      applicable Schedule or amendment thereto unless (i) the TRA Party Representative provides the Corporate Taxpayer with notice of
      a material objection to such Schedule (&#8220;<u>Objection Notice</u>&#8221;) made in good faith or (ii) the TRA Party Representative
      provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case
      such Schedule or amendment thereto becomes binding on the date waivers from the TRA Party Representative has been received by
      the Corporate Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully
      resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such
      Objection Notice, the Corporate Taxpayer and the TRA Party Representative, on behalf of the TRA Holders, shall employ the Reconciliation
      Procedures under <u>Section 7.10</u> or Resolution of Disputes procedures under <u>Section 7.9</u>, as applicable.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The applicable Schedule for any Taxable Year
      may be amended from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii)
      to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a
      Taxable Year after the date the Schedule was provided to the TRA Holders, (iii) to comply with the Expert&#8217;s determination
      under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
      Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in
      the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporate Taxpayer Return
      filed for such Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement
      (any such Schedule, an &#8220;<u>Amended Schedule</u>&#8221;). The Corporate Taxpayer shall provide an Amended Schedule to the
      TRA Holders within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding
      sentence. For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant to <u>Section
        2.3(a</u>), the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to
      which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for
      the Taxable Year in which the amendment actually occurs.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      2.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Section
        754 Election</u>. In its capacity as the sole managing member of Solaris LLC, the Corporate Taxpayer will ensure that, on and
      after the date hereof and continuing throughout the term of this Agreement, Solaris LLC and any of its eligible Subsidiaries will
      have in effect an election pursuant to Section 754 of the Code (and under any similar provisions of applicable U.S. state or local
      law).</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Article
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      <u>TAX BENEFIT PAYMENTS</u></font></p>
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      Benefit Payment Schedule delivered to the TRA Holders becomes final in accordance with <u>Section 2.3(a</u>), the Corporate Taxpayer
      shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to <u>Section 3.1(b</u>)
      for such Taxable Year. Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account
      previously designated by such TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate Taxpayer and such
      TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including,
      without limitation, U.S. federal or state estimated income Tax payments.</font></p>
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      respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax
      Benefit Attributable to such TRA Holder. A Net Tax Benefit is &#8220;<u>Attributable</u>&#8221; to a TRA Holder to the extent
      that it is derived from any Basis Adjustment that is attributable to the Units acquired or deemed acquired by the Corporate Taxpayer
      or an Exchange undertaken by or with respect to such TRA Holder and any Imputed Interest. Subject to <u>Section 3.3</u>, the &#8220;<u>Net
        Tax Benefit</u>&#8221; for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized
      Tax Benefit as of the end of such Taxable Year over the sum of (i) the total amount of payments previously made under this <u>Section
        3.1</u> and (ii) the total amount of tax benefit payments previously made under the corresponding provision of any Post-IPO TRA;
      <u>provided</u>, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made
      Tax Benefit Payment.</font></p>
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      this <u>Section 3.1(c</u>) to apply to an Exchange, by notifying the Corporate Taxpayer in writing on or before the due date for
      providing the Exchange Notice with respect to such Exchange (or, with respect to an Exchange in connection with the IPO, on or
      before the IPO Date), the aggregate Tax Benefit Payments to be made to such TRA Holder with respect to such Exchange shall be
      limited to (i) 50%, or such other percentage such TRA Holder elects to apply by notifying the Corporate Taxpayer in writing on
      or before the due date for providing the Exchange Notice with respect to such Exchange (or, with respect to an Exchange in connection
      with the IPO, on or before the IPO Date), of (ii) the amount equal to the sum of (A) any cash, excluding any Tax Benefit Payments,
      received by such TRA Holder in such Exchange and (B) the aggregate Market Value of the Class A Shares received by such TRA Holder
      in such Exchange. Notwithstanding any other provision of this Agreement, this <u>Section 3.1(c)</u> shall not apply to a TRA Holder
      unless such TRA Holder elects for the provisions of this <u>Section 3.1(c)</u> to apply, as provided herein.</font></p>
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      3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>No
        Duplicative Payments</u>. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount
      (including interest) required under the Tax Receivable Agreements. It is also intended that the provisions of the Tax Receivable
      Agreements will result in 85% of the Cumulative Net Realized Tax Benefit being paid to the Persons to whom payments are due pursuant
      to the Tax Receivable Agreements. The provisions of this Agreement shall be construed in the appropriate manner to achieve these
      fundamental results.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding anything in <u>Section 3.1</u>
      to the contrary, to the extent that the aggregate amount of the Corporate Taxpayer&#8217;s tax benefit subject to the Tax Receivable
      Agreements is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully
      utilize available deductions and other attributes, the limitation on the tax benefit for the Corporate Taxpayer shall be allocated
      as follows: (i) first among any Post-IPO TRAs (and among all Persons eligible for payments thereunder in the manner set forth
      in such Post-IPO TRAs) and (ii) to the extent of any remaining limitation on tax benefit for the Corporate Taxpayer after the
      application of clause (i), to this Agreement (and among all Persons eligible for payments hereunder). For the avoidance of doubt,
      for purposes of this <u>Section 3.3(a</u>), it is intended that in calculating the Corporate Taxpayer&#8217;s tax benefit subject
      to the Tax Receivable Agreements, any available taxable income of the Corporate Taxpayer be first allocated to this Agreement
      and any remaining available taxable income will then be allocated to any Post-IPO TRA.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After taking into account <u>Section 3.3(a</u>),
      if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under
      the Tax Receivable Agreements in respect of a particular Taxable Year, then, (i) the Corporate Taxpayer will pay the same proportion
      of each Tax Benefit Payment due to each Person to whom a payment is due under each of the Tax Receivable Agreements in respect
      of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect
      of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent the Corporate Taxpayer makes a
      payment to a TRA Holder in respect of a particular Taxable Year under <u>Section 3.1(a</u>) of this Agreement (taking into account
      <u>Section 3.3(a</u>) and <u>Section 3.3(b</u>)) in an amount in excess of the amount of such payment that should have been made
      to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under <u>Section
        3.1(a</u>) until such TRA Holder has foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer will
      pay the amount of such TRA Holder&#8217;s foregone payments to the other Persons to whom a payment is due under the Tax Receivable
      Agreements in a manner such that each such Person to whom a payment is due under the Tax Receivable Agreements, to the maximum
      extent possible, receives aggregate payments under <u>Section 3.1(a</u>) or the comparable section of the other Tax Receivable
      Agreement(s), as applicable (in each case, taking into account <u>Section 3.3(a</u>) and <u>Section 3.3(b</u>) or the comparable
      section of the other Tax Receivable Agreement(s) in the amount it would have received if there had been no excess payment to such
      TRA Holder.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The parties hereto agree that the parties to
      any Post-IPO TRA are expressly made third party beneficiaries of the provisions of this <u>Section 3.3</u>.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Post-IPO TRA shall be included in the definition
      of Tax Receivable Agreements for purposes of this <u>Section 3.3</u> only if such Post-IPO TRA does not provide otherwise.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Article
      IV </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      TERMINATION</font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Early
        Termination at Election of the Corporate Taxpayer</u>. The Corporate Taxpayer may terminate this Agreement at any time by paying
      to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to <u>Section 4.5(b)</u> (such termination, an
      &#8220;<u>Early Termination</u>&#8221;); <u>provided</u> that the Corporate Taxpayer may withdraw any notice of exercise of its
      termination rights under this <u>Section 4.1</u> prior to the time at which any Early Termination Payment has been paid. Upon
      payment of the Early Termination Payments by the Corporate Taxpayer, neither the TRA Holders nor the Corporate Taxpayer shall
      have any further payment obligations under this Agreement, other than for any Tax Benefit Payment previously due and payable but
      unpaid as of the Early Termination Notice and, except to the extent included in the Early Termination Payment, any Tax Benefit
      Payment due for any Taxable Year ending prior to, with or including the Early Termination Date. Upon payment of all amounts provided
      for in this Section 4.1, this Agreement shall terminate.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      4.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Early
        Termination upon Change of Control</u>. In the event of a Change of Control, all obligations hereunder shall be accelerated and
      such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of
      Control and shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if
      an Early Termination Notice had been delivered on the effective date of a Change of Control, (b) payment of any Tax Benefit Payment
      in respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the Early
      Termination Notice, and (c) except to the extent included in the Early Termination Payment, payment of any Tax Benefit Payment
      due for any Taxable Year ending prior to, with or including the effective date of a Change of Control. In the event of a Change
      of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each
      case the terms &#8220;the closing date of a Change of Control&#8221; for an &#8220;Early Termination Date.&#8221;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      4.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Breach
        of Agreement.</u></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Corporate Taxpayer breaches
      any of its material obligations under this Agreement, whether as a result of failure to make any payment within three (3) months
      of the date when due, as a result of failure to honor any other material obligation required hereunder or by operation of law
      as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then if the Majority
      TRA Holders so elect, such breach shall be treated as an Early Termination. Upon such election, all obligations hereunder shall
      be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such
      breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination
      Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment previously due and payable but unpaid as of the
      date of the breach, and (iii) except to the extent included in the Early Termination Payment, any Tax Benefit Payment due for
      any Taxable Year ending prior to, with or including the Early Termination Date. Notwithstanding the foregoing, in the event that
      the Corporate Taxpayer breaches this Agreement, if the Majority TRA Holders do not elect to treat such breach as an Early Termination
      pursuant to this <u>Section 4.3(a</u>), the TRA Holders shall be entitled to seek specific performance of the terms hereof.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The parties agree that the failure of the Corporate
      Taxpayer to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed
      to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered
      to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3)
      months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, except in the case of an Early
      Termination Payment or any payment treated as an Early Termination Payment, it shall not be a breach of this Agreement if the
      Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds
      to make such payment; <u>provided</u> that the interest provisions of <u>Section 5.2 </u>shall apply to such late payment unless
      the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by any existing credit
      agreement to which Solaris LLC or any subsidiary of Solaris LLC is a party, in which case <u>Section 5.2</u> shall apply, but
      the Default Rate shall be replaced by the Agreed Rate; and <u>provided further</u> that it shall be a breach of this Agreement,
      and the provisions of <u>Section 4.3(a</u>) shall apply as of the original due date of the Tax Benefit Payment, if the Corporate
      Taxpayer makes any distribution of cash or other property to its stockholders while any Tax Benefit Payment is due and payable
      but unpaid.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      4.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Early
        Termination Notice</u>. If the Corporate Taxpayer chooses to exercise its right of early termination under <u>Section 4.1</u>
      above, the Corporate Taxpayer shall deliver to the TRA Holders notice of such intention to exercise such right (the &#8220;<u>Early
        Termination Notice</u>&#8221;). Upon delivery of the Early Termination Notice or the occurrence of an event described in <u>Section
        4.2</u> or <u>Section 4.3(a)</u>, the Corporate Taxpayer shall deliver (i) a schedule showing in reasonable detail the calculation
      of the Early Termination Payment (the &#8220;<u>Early Termination Schedule</u>&#8221;) and (ii) any other work papers reasonably
      requested by the TRA Holders. The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar
      days from the first date on which the TRA Holders have received such Schedule or amendment thereto unless (x) the TRA Party Representative
      provides the Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (&#8220;<u>Material Objection
        Notice</u>&#8221;) or (y) the TRA Party Representative, on behalf of the TRA Holders, provides a written waiver of such right
      of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule becomes binding on
      the date waivers from the TRA Holders have been received by the Corporate Taxpayer (the &#8220;<u>Early Termination Effective
        Date</u>&#8221;). If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve
      the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection
      Notice, the Corporate Taxpayer and the TRA Party Representative, on behalf of the TRA Holders, shall employ the Reconciliation
      Procedures under <u>Section 7.10</u> or Resolution of Disputes procedures under <u>Section 7.9</u>, as applicable.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      4.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Payment
        upon Early Termination.</u></font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to its right to withdraw any notice of
      Early Termination pursuant to <u>Section 4.1</u>, within three (3) calendar days after the Early Termination Effective Date, the
      Corporate Taxpayer shall pay to each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire
      transfer of immediately available funds to a bank account or accounts designated by such TRA Holder, or as otherwise agreed by
      the Corporate Taxpayer and such TRA Holder.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        Payment</u>&#8221; as of the Early Termination Date shall equal the present value, discounted at the Early Termination Rate as
      of the Early Termination Effective Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer
      to such TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Article
      V </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <u>SUBORDINATION AND LATE PAYMENTS</u></font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Subordination</u>.
      Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any
      payment pursuant to Section 4.2 resulting from a Change of Control or any payment pursuant to Section 5.2 shall rank subordinate
      and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect
      of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (such obligations, &#8220;<u>Senior Obligations</u>&#8221;)
      and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations.
      For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporate
      Taxpayer fails to make any Tax Benefit Payment when due is governed by <u>Section 4.3</u>. To the extent that any payment under
      this Agreement is not permitted to be made at the time payment is due as a result of this <u>Section 5.1</u> and the terms of
      the agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the TRA Holders
      and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance
      with the terms of the Senior Obligations.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Late
        Payments by the Corporate Taxpayer</u>. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment
      or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement, whether as a
      result of <u>Section 5.1</u> and the terms of the Senior Obligations or otherwise, shall be payable together with any interest
      thereon, computed at the Default Rate (or, if so provided in <u>Section 4.3(b)</u>, at the Agreed Rate) and commencing from the
      date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Article
      VI </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <u>NO DISPUTES<font style="font-weight: normal">;</font> CONSISTENCY<font style="font-weight: normal">;</font> COOPERATION</u></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Participation
        in the Corporate Taxpayer&#8217;s and Solaris LLC&#8217;s Tax Matters</u>. Except as otherwise provided herein or in the Solaris
      LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning
      the Corporate Taxpayer and Solaris LLC, including without limitation preparing, filing or amending any Tax Return and defending,
      contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, in the event a Taxing Authority initiates
      any audit, examination, or any other administrative or judicial proceeding (a &#8220;<u>Tax Proceeding</u>&#8221;) of the Corporate
      Taxpayer or Solaris LLC any portion of the outcome of which is reasonably expected to affect the rights and obligations of the
      TRA Holders under this Agreement and the TRA Holders elect a TRA Party Representative, then the Corporate Taxpayer (i) shall notify
      the TRA Party Representative of, and keep the TRA Party Representative reasonably informed with respect to, the relevant portion
      of such Tax Proceeding (ii) shall provide the TRA Party Representative with reasonable opportunity to provide information and
      other input to the Corporate Taxpayer, Solaris LLC and their respective advisors concerning the conduct of any such portion of
      a Tax Proceeding; <u>provided further</u>, that the Corporate Taxpayer and Solaris LLC shall not be required to take any action,
      or refrain from taking any action, that is inconsistent with any provision of the Solaris LLC Agreement.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Consistency</u>.
      Unless there is a Determination to the contrary, the Corporate Taxpayer and each of the TRA Holders agree to report, and to cause
      their respective Subsidiaries to report, for all purposes, including U.S. federal, state and local Tax purposes and financial
      reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments, Imputed Interest, and each Tax
      Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as &#8220;deemed&#8221;
      or in a similar manner by the terms of this Agreement, in a manner consistent with the description of any Tax characterization
      herein (including as set forth in <u>Section 2.2(b)</u> and <u>Section 3.1(b)</u> and any Schedule required to be provided by
      or on behalf of the Corporate Taxpayer under this Agreement, as finally determined pursuant to <u>Section 2.3</u>. If the Corporate
      Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within
      thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation Procedures under <u>Section
        7.10</u> or Resolution of Disputes procedures under <u>Section 7.9,</u> as applicable.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      6.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Cooperation</u>.
      Each TRA Holder shall (i) furnish to the Corporate Taxpayer in a timely manner such information, documents and other materials
      as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate
      under this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the
      Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other information as the
      Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (i)
      above, and (iii) reasonably cooperate in connection with any such matter. The Corporate Taxpayer shall reimburse each TRA Holder
      for any reasonable third-party costs and expenses incurred pursuant to this <u>Section 6.3</u>.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Article
      VII </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <u>MISCELLANEOUS</u></font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices.
      All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and
      received (i) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender&#8217;s
      fax machine if sent on a Business Day (or otherwise on the next Business Day) or (ii) on the first Business Day following the
      date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth
      below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
      to the Corporate Taxpayer, to:</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aris
      Water Solutions, Inc.<br>
      9811 Katy Freeway, Suite 700<br>
      Houston, Texas 77024<br>
      Attention: Brenda Schroer</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
      a copy (which shall not constitute notice to the Corporate Taxpayer) to:</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gibson,
      Dunn &amp; Crutcher LLP<br>
      811 Main St. Ste. 3000<br>
      Houston, Texas 77002<br>
      Facsimile: (346) 718-6902<br>
      Attention: Hillary Holmes</font></p>
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      to a TRA Holder, other than the TRA Party Representative, that is or was a partner in Solaris LLC, to:</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
      address set forth in the records of Solaris LLC.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner
      set forth above.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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      This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
      become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it
      being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement
      by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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        Agreement</u>; <u>No Third Party Beneficiaries</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements
      and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be
      binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing
      in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any
      nature whatsoever under or by reason of this Agreement, except as expressly provided in <u>Section 3.3</u>.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      7.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Governing
        Law</u>. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance
      with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application
      of the laws of another jurisdiction.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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      If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy,
      all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
      legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such
      determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
      in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
      manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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        Assignment.</u></font></p>
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      Person without the prior written consent of the Corporate Taxpayer; <u>provided</u>, however, that:</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the extent Units are transferred in accordance
      with the terms of the Solaris LLC Agreement, the transferring TRA Holder shall have the option to assign to the transferee of
      such Units the transferring TRA Holder&#8217;s rights under this Agreement with respect to such transferred Units as long as (A)
      such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a Joinder, agreeing to
      become a &#8220;TRA Holder&#8221; for all purposes of this Agreement, and (B) the assigning party represents to the Corporate
      Taxpayer that such assignment will be made in accordance with all applicable securities laws, and</font></p>
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      or that may become payable to a TRA Holder pursuant to this Agreement that, once an Exchange has occurred, arise with respect
      to the Units transferred in such Exchange, may be assigned to any Person or Persons as long as (A) any such Person has executed
      and delivered, or, in connection with such assignment, executes and delivers, a Joinder, agreeing to be bound by <u>Section 7.13
      </u>and acknowledging specifically the terms of <u>Section 7.6(b</u>), and (B) the assigning party represents to the Corporate
      Taxpayer that such assignment will be made in accordance with all applicable securities laws.</font></p>
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      the avoidance of doubt, if a TRA Holder transfers Units but does not assign to the transferee of such Units the rights of such
      TRA Holder under this Agreement with respect to such transferred Units, such TRA Holder shall continue to be entitled to receive
      the Tax Benefit Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in respect of a subsequent
      Exchange of, such Units.</font></p>
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      Notwithstanding the foregoing provisions of this <u>Section 7.6</u>, no assignee described in <u>Section 7.6(a)(ii</u>) shall
      have any rights under this Agreement except for the right to enforce its right to receive payments under this
      Agreement.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Person designated as the TRA Party Representative
      may not be changed without the prior written consent of the Corporate Taxpayer and the Majority TRA Holders.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except as otherwise specifically provided herein,
      all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
      by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The
      Corporate Taxpayer shall cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all
      or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree
      to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if
      no such succession had taken place.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
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        Waivers</u>. No provision of this Agreement may be amended unless such amendment is approved in writing by each of the Corporate
      Taxpayer and the Majority TRA Holders; <u>provided</u>, however, that no such amendment shall be effective if such amendment would
      have a disproportionate effect on the payments certain TRA Holders will or may receive under this Agreement unless all such disproportionately
      affected TRA Holders consent in writing to such amendment; and <u>provided</u>, further, that amendment of the definition of Change
      of Control will also require the written approval of a majority of the Independent Directors. No provision of this Agreement may
      be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      7.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Titles
        and Subtitles</u>. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
      not to be considered in construing this Agreement.</font></p>
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      7.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Resolution
        of Disputes.</u></font></p>
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      <u>Section 7.10</u>, including any ancillary claims of any party, arising out of, relating to or in connection with the validity,
      negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability
      of this <u>Section 7.9</u> and <u>Section 7.10</u>) (each a &#8220;<u>Dispute</u>&#8221;) shall be governed by this <u>Section
        7.9</u>. The parties hereto shall attempt in good faith to resolve all Disputes by negotiation. If a Dispute between the parties
      hereto cannot be resolved in such manner, such Dispute shall be finally settled by arbitration conducted by a single arbitrator
      in accordance with the then-existing rules of arbitration of the American Arbitration Association. If the parties to the Dispute
      fail to agree on the selection of an arbitrator within ten (10) calendar days of the receipt of the request for arbitration, the
      American Arbitration Association shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law
      in a U.S. state, or a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English
      language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. In addition
      to monetary damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance
      of any obligation under this Agreement. The arbitrator is not empowered to award damages in excess of compensatory damages, and
      each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute.
      The award shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting
      presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over
      a party or any of its assets.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the provisions of <u>Section
        7.9(a</u>), the Corporate Taxpayer may bring an action or special proceeding in any court of competent jurisdiction for the purpose
      of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing
      an arbitration award and, for the purposes of this <u>Section 7.9(b</u>), the TRA Party Representative and each TRA Holder (i)
      expressly consents to the application of <u>Section 7.9(c</u>) to any such action or proceeding, (ii) agrees that proof shall
      not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that
      remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such party for service
      of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly
      advise such party in writing of any such service of process, shall be deemed in every respect effective service of process upon
      such party in any such action or proceeding.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
      JURISDICTION OF ANY FEDERAL COURT OF THE DISTRICT OF DELAWARE OR THE DELAWARE COURT OF CHANCERY FOR THE PURPOSE OF ANY JUDICIAL
      PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS <u>SECTION 7.9</u> OR ANY JUDICIAL PROCEEDING ANCILLARY
      TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial
      proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in
      aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this <u>Section 7.9(c</u>)
      have a reasonable relation to this Agreement, and to the parties&#8217; relationship with one another.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The parties hereby waive, to the fullest extent
      permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue
      of any such ancillary suit, action or proceeding brought in any court referred to in <u>Section 7.9(c</u>) and such parties agree
      not to plead or claim the same.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      7.10&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Reconciliation</u>.
      In the event that the TRA Party Representative or any TRA Holder (as applicable, the &#8220;<u>Disputing Party</u>&#8221;) and
      the Corporate Taxpayer are unable to resolve a disagreement with respect to the calculations required to produce the schedules
      described in <u>Section 2.3</u>, <u>Section 4.4</u> and <u>Section 6.2</u> (but not, for the avoidance doubt, with respect to
      any legal interpretation with respect to such provisions or schedules) within the relevant period designated in this Agreement
      (&#8220;<u>Reconciliation Dispute</u>&#8221;), the Reconciliation Dispute shall be submitted for determination to the Expert.
      The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer
      and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material
      relationship with the Corporate Taxpayer or the Disputing Party or other actual or potential conflict of interest. If the parties
      are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation
      Dispute, the Expert shall be appointed by the American Arbitration Association. The Expert shall resolve (a) any matter relating
      to the Exchange Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30)
      calendar days, (b) any matter relating to a Tax Benefit Payment Schedule or an amendment thereto within fifteen (15) calendar
      days , and (c) any matter related to treatment of any tax-related item as contemplated in <u>Section 6.2</u> within fifteen (15)
      calendar days, or, in each case, as soon thereafter as is reasonably practicable after such matter has been submitted to the Expert
      for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of
      a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is
      due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax
      Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses
      relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided
      in the next sentence. The Corporate Taxpayer and the Disputing Party shall each bear its own costs and expenses of such proceeding,
      unless (i) the Expert adopts such Disputing Party&#8217;s position, in which case the Corporate Taxpayer shall reimburse such
      Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate
      Taxpayer&#8217;s position, in which case such Disputing Party shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket
      costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this
      <u>Section 7.10</u> shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations
      of the Expert pursuant to this <u>Section 7.10</u> shall be binding on the Corporate Taxpayer and its Subsidiaries and the Disputing
      Party and may be entered and enforced in any court having jurisdiction.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      7.11&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Withholding</u>.
      The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts
      as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any
      provision of U.S. federal, state, local or non-U.S. tax law; <u>provided</u>, that, the Corporate Taxpayer shall use commercially
      reasonable efforts to notify any applicable TRA Holder of its intent to withhold at least ten (10) Business Days prior to withholding
      such amounts. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer,
      such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the relevant TRA Holder. The
      Corporate Taxpayer shall provide evidence of such payment to the relevant TRA Holder upon such TRA Holder&#8217;s written request,
      to the extent that such evidence is available.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section
      7.12&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate
        Assets.</u></font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Corporate Taxpayer is or becomes a member
      of a combined, consolidated, affiliated or unitary group that files a consolidated, combined or unitary income Tax Return pursuant
      to Sections 1501 <i>et seq</i>. of the Code or any corresponding provisions of U.S. state or local Tax law, then: (i) the provisions
      of this Agreement shall be applied with respect to the relevant group as a whole; and (ii) Tax Benefit Payments, Early Termination
      Payments and other applicable items hereunder shall be computed with reference to the consolidated (or combined or unitary, where
      applicable) taxable income, gain, loss, deduction and attributes of the relevant group as a whole.</font></p>
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  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Corporate Taxpayer (or any other entity
      that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder), Solaris LLC or any of Solaris LLC&#8217;s
      direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but
      only to the extent such Subsidiaries are not held through any entity treated as a corporation for U.S. federal income tax purposes)
      (a &#8220;<u>Transferor</u>&#8221;) transfers one or more Reference Assets to a corporation (or a Person classified as a corporation
      for U.S. federal income tax purposes) with which the Transferor does not file a consolidated Tax Return pursuant to Section 1501
      of the Code, the Transferor, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g.,
      calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated
      as having disposed of such Reference Assets in a fully taxable transaction on the date of such contribution. The consideration
      deemed to be received by the Transferor shall be equal to the fair market value of the transferred Reference Assets, plus, without
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      body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; <u>provided</u> that any TRA
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      of such disclosure, or to regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any
      such notice to the Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder to prepare and file its Tax Returns, to
      respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any Tax Proceeding with
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      employee, representative or other agent of such TRA Holder or its assignees, as applicable) may disclose to any and all Persons,
      without limitation of any kind, the Tax treatment and Tax structure of the Corporate Taxpayer, Solaris LLC, the TRA Holders and
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      obligated to pay amounts with respect to tax benefits resulting from any net operating losses or other tax attributes to which
      the Corporate Taxpayer becomes entitled as a result of a transaction) if such agreement provides terms that are more favorable
      to the counterparty under such agreement than those provided to the TRA Holders under this Agreement; <u>provided</u>, however,
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      a payment under this Agreement) recognized by such TRA Holder upon any Exchange to be treated as ordinary income rather than capital
      gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax
      consequences to such TRA Holder and/or its direct or indirect owners, then at the election of such TRA Holder and to the extent
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      to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment
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        or thereto, shall be deemed to constitute the TRA Holders as a partnership, an association, a joint venture or any other kind
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